Keys to understanding the ‘cryptophasco’ supported by Milei who shakes Argentina

A controversial message that the president of Argentina, Javier Milei, has been placed on social networks, which gave his support to the launch of a cryptocurrency Whose value ultimately collapsed has a scandal in the South American state that shakes politics, includes a hundred judicial complaints and touches the markets. These are the keys to understand the matter:

Milei’s controversial message

On February 14, Milei posted a message on his account on the X -Due network, where he has 3.8 million followers -in which he distributed the project ‘Long live the project’With ash in the commercialization of cryptocurrency $ Pound And oriented, according to the head of state, to finance investments in Argentina. Immediately the cryptoactive value shoots.

But a handful of investors who have monopolized their participations to high values ​​and then collapsed the price. Thousands of investors have denounced that they have actively failed that after the first support of the President of Argentina, one of the States with the greatest approval of cryptocurrencies in the world.

A few hours later, Milei removed his first message and published another who withdraws his support for the project, with which he said he has no link or was aware of his data.

The project has the name of the political slogan that is most commonly used by the Ultra -Law and cryptoactive economist named after the constellation of Milei, who also supported an investment platform on the social networks, MinxThat eventually was denounced.

Found versions

A day after the controversial message, the government issued a statement in which it said that the project had been developed by the chicken protocol company, whose representatives she identified as Mauricio Novelli and the Singaurense Julian PehMilei met each other on October 19, 2024.

According to the statement, the representatives of Chicken protocol They presented as their partner and technology supplier in this project to the American Hayden Mark Davisholder of the company Cushier VenturesWith whom Milei met each other on January 30 and with which the Argentinian government claims to have no link.

On Monday, Kip Protocol said that this company did not start the project or launched the touch, but Chicken Ventures, although he acknowledged that Julian PEH met in October, but not to talk about $ Libra, and clarified that Novelli was the organizer of the organizer of the Business Forum within the framework of which the meeting took place.

For his part, Davis was defined in social networks as “adviser” of Milei, said he had communication with the president, said the president “panicked about political pressure” and said he is willing to inject around 100 million dollars With $ pound to return liquidity to the active.

Political and judicial impact

Sectors from the left and the peronist Front Union for the Homeland Plan to promote a petition At the head of the state, while opposition blocks, but with dialogue with the ruling party, support the idea of ​​establishing a committee of inquiry in parliament.

At the judicial level, more than a hundred victims have submitted complaints before Argentinian justice. Moreover, a lawyer study has filed a complaint in the United States involved Milei, Davis, Peh and Novelli.

Negative market reaction

The scandal has had a very negative influence on the markets, where both the shares of Argentinian companies and the sovereign bonds of the South American state fell an adverse initial reaction of investors. There was also a certain depreciation of the Argentinian peso compared to the US dollar.

The Argentinian president Cristina Fernández (2007-2015) Milei asked on Tuesday for his participation in the launch of the cryptocurrency. “You fall apart,” Fernández written in an extensive publication on his social network X dedicated Milei.