{"id":9459,"date":"2025-02-28T16:34:15","date_gmt":"2025-02-28T16:34:15","guid":{"rendered":"https:\/\/site.itshrt.com\/worldnews\/argentinas-crypto-scandal-swindled-thousands-what-did-javier-milei-know\/"},"modified":"2025-02-28T16:34:15","modified_gmt":"2025-02-28T16:34:15","slug":"argentinas-crypto-scandal-swindled-thousands-what-did-javier-milei-know","status":"publish","type":"post","link":"https:\/\/site.itshrt.com\/worldnews\/argentinas-crypto-scandal-swindled-thousands-what-did-javier-milei-know\/","title":{"rendered":"Argentina\u2019s Crypto Scandal Swindled Thousands. What Did Javier Milei Know?"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<\/p>\n<div data-testid=\"companionColumn-0\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">The scandal began with a tweet.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cThe world wants to invest in Argentina,\u201d Javier Milei, Argentina\u2019s president, posted at 7:01 p.m. on Valentine\u2019s Day, offering a code to buy a new cryptocurrency.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The digital coin was called $Libra, and it had been created 23 minutes earlier.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Over the next few hours, thousands of people invested. $Libra\u2019s value skyrocketed.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Then it swiftly collapsed. The largest stakeholders had sold their coins, leaving almost everyone else with a collective $250 million in losses.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">To cryptocurrency veterans, it was a classic \u201crug-pull.\u201d A celebrity touts a new digital coin, prices soar and then insiders who own most of the coins pull the rug: They sell their stakes for a big profit at the expense of amateur investors who got in later.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-1\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">To Argentina, it was a national scandal. The president, critics said, had just scammed his constituents. The opposition called for impeachment. Argentine citizens filed a dozen criminal complaints. A federal prosecutor opened an investigation, with Mr. Milei as a target.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Then Mr. Milei left for Washington. At the Conservative Political Action Conference on Saturday, he gave a combative speech ahead of President Trump, the other president who promoted a new cryptocurrency this year that <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2025\/01\/19\/us\/politics\/trump-cryptocurrency-surges.html\" title=\"\">soared<\/a> and then crashed. That coin, $Trump, generated enormous profits for insiders and <a class=\"css-yywogo\" href=\"https:\/\/www.nytimes.com\/2025\/02\/09\/us\/politics\/trump-crypto-memecoin.html\" title=\"\">a cumulative $2 billion in losses<\/a> for more than 800,000 other investors.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Trump has claimed ignorance. \u201cI don\u2019t know if it benefited\u201d me, he <a class=\"css-yywogo\" href=\"https:\/\/x.com\/KobeissiLetter\/status\/1881842298750992886\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">said<\/a>. \u201cI don\u2019t know much about it.\u201d (The Trump family and its business partners earned nearly $100 million in trading fees alone on the coin.)<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Following the ballooning $Libra scandal in Argentina, Mr. Milei took a similar approach. He did not earn a cent, he said. Instead, he blamed a small start-up in Singapore, KIP Protocol, that few in the crypto industry had heard of.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cYou\u2019ll notice that the company that organized the launch, KIP, explicitly stated that I had nothing to do with it,\u201d he said in a prime time interview last week.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-2\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">But Mr. Milei\u2019s story has begun to unravel, showing how crypto and politics have increasingly blended to enrich the powerful and take from most everyone else.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The origins of the $Libra scandal trace back to a conference in Argentina last year, where an American crypto consultant and an Argentine business partner of Mr. Milei tried to sell access to the president, according to interviews and documents reviewed by The New York Times. It eventually led to meetings in the presidential offices and a planned partnership with Dave Portnoy, the founder of Barstool Sports.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Since the crash, evidence has emerged contradicting the president\u2019s claims; critics in Argentina have accused his inner circle of taking bribes; and the American consultant, whom Mr. Milei last month <a class=\"css-yywogo\" href=\"https:\/\/x.com\/JMilei\/status\/1885068460268363889\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">referred to as an adviser<\/a>, has admitted to amassing $100 million from the scheme.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cThis is an insider\u2019s game,\u201d the American consultant, Hayden Davis, said about crypto coins in a video last week. \u201cThis is like an unregulated casino.\u201d<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-3\">\n<div class=\"css-53u6y8\">\n<h2 class=\"css-13o6u42 eoo0vm40\" id=\"link-6d00254a\">\u2018A little something-something\u2019<\/h2>\n<p class=\"css-at9mc1 evys1bk0\">The crypto world was excited about Mr. Milei.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">A libertarian economist, he had said he wanted to open his financially scarred nation to new currencies. So when it was announced that he would speak at a crypto conference in Buenos Aires in October, industry leaders descended.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-4\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">The conference was organized by Mauricio Novelli, a polished 29-year-old stock trader with yearslong connections to Mr. Milei.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">In 2020, Mr. Milei began teaching at Mr. Novelli\u2019s small investing academy and became the school\u2019s pitchman, posting repeatedly about it online, up until he was president. In 2022, he <a class=\"css-yywogo\" href=\"https:\/\/www.infobae.com\/resizer\/v2\/CQIR63GR7RFOFGXLQ4NE5Y42FE.png?auth=ea337acd205c3ae86634a0edf6719cdd8c9178af7a8ae260b57ac5c67e065b28&amp;smart=true&amp;width=1200&amp;height=533&amp;quality=85\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">posted<\/a> about a new crypto project from Mr. Novelli, calling it \u201can economic model that\u2019s sustainable over time.\u201d Not long after, it collapsed.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">At the conference, Mr. Novelli was charging sponsors $50,000 for a speaking slot and a meet-and-greet with Mr. Milei, according to four attendees who paid the fee.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Yet those people said the meeting with the president turned out to be a quick group photo. To get more time, two of them said, conference organizers told them it would cost more.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-5\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">\u201cThey\u2019d say, \u2018Hey, you know, give us a little something-something and we can get you a meeting,\u201d <a class=\"css-yywogo\" href=\"https:\/\/www.youtube.com\/live\/gO29in7ted4?si=4tumc---C-LRAXLX&amp;t=243\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">said<\/a> Charles Hoskinson, a cryptocurrency billionaire who founded one of the industry\u2019s largest platforms, Cardano.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Another attendee said Mr. Novelli offered a meeting with the president if the person signed a $500,000 contract for vague \u201cconsulting services,\u201d according to a copy of the document viewed by The Times.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">But Mr. Novelli was not the only one selling access to Mr. Milei.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Davis \u2014 a 28-year-old with curly blonde hair and garish gold glasses whom Mr. Novelli had met at a crypto event in Denver \u2014 was also telling conference attendees that he had \u201ccontrol\u201d over Mr. Milei and could broker deals, according to messages viewed by The Times.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cEverything from Milei tweeting\u201d to \u201call the front-facing Milei stuff basically, showing up at things, et cetera \u2014 I have control over a lot of those levers,\u201d Mr. Davis said in an audio message to an entrepreneur, obtained by The Times.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cBut,\u201d he added, \u201cthere\u2019s a cost.\u201d He insinuated that cost could be in the millions of dollars. \u201cI\u2019m not trying to screw anyone over,\u201d he said, using an expletive.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-6\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Another entrepreneur said Mr. Davis made an even more brazen offer in writing: He would deliver a meeting with Mr. Milei and a partnership with the Argentine government in exchange for roughly $90 million in cryptocurrencies over 27 months, according to a copy of the proposal viewed by The Times.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">There is no evidence that Mr. Milei was aware of the proposals. Mr. Davis and Mr. Novelli, through spokesmen, declined to comment.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Three months before the conference, in July, Mr. Novelli and Mr. Davis visited Argentina\u2019s presidential offices, according to government records <a class=\"css-yywogo\" href=\"https:\/\/www.lanacion.com.ar\/politica\/karina-milei-la-puerta-de-entrada-a-la-casa-rosada-para-los-personajes-detras-de-la-criptomoneda-nid16022025\/\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">obtained by the Argentine newspaper La Naci\u00f3n<\/a>. The records show their host was the president\u2019s sister and chief of staff, Karina Milei.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">In November, they visited the presidential offices again. Afterward, Mr. Novelli and Mr. Davis toasted with champagne at the Four Seasons in Buenos Aires, telling others they had just signed a deal with the president, <a class=\"css-yywogo\" href=\"https:\/\/www.lanacion.com.ar\/politica\/escandalo-cripto-un-festejo-con-champagne-y-el-supuesto-acuerdo-millonario-del-que-alardeaban-los-nid22022025\/\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">according to La Naci\u00f3n<\/a>.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Then, on Jan. 30, Mr. Milei posted a photo of himself and Mr. Davis, saying the American \u201cwas advising me on the impact and applications of\u201d crypto-related technology.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-7\">\n<div class=\"css-53u6y8\">\n<h2 class=\"css-13o6u42 eoo0vm40\" id=\"link-a4aec2c\">\u2018The KIP Protocol project\u2019<\/h2>\n<p class=\"css-at9mc1 evys1bk0\">Two weeks after that post, a tech entrepreneur in Singapore got an unexpected call from Mr. Novelli.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The entrepreneur, Julian Peh, founder of a start-up called KIP Protocol, said he had met Mr. Novelli at the October conference. Mr. Peh was one of the few attendees who actually got <a class=\"css-yywogo\" href=\"https:\/\/x.com\/julian_kip\/status\/1847910484789408250\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">a sit-down meeting with Mr. Milei<\/a>. (He said he paid only to sponsor the event.)<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-8\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">But over the next few months, Mr. Peh said, he had no contact with the Argentine president or his office. Then Mr. Novelli called him on Feb. 13 to pitch him on a new project, he said: the launch of a cryptocurrency called $Libra that would ultimately finance small businesses in Argentina.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-9\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Mr. Novelli described a plan that involved Mr. Davis launching $Libra and Mr. Peh\u2019s company, KIP, distributing funds to businesses, Mr. Peh said.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">It was not his company\u2019s forte \u2014 KIP built technology related to artificial intelligence. But Mr. Peh said he agreed anyway.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">A day later, $Libra launched with Mr. Milei\u2019s tweet. The president linked to a <a class=\"css-yywogo\" href=\"https:\/\/www.vivalalibertadproject.com\/\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">website<\/a> describing the $Libra project as having \u201ca clear mission: to boost the Argentine economy.\u201d At the bottom was a single disclaimer: \u201cPrivate Initiative project Developed by KIP Network Inc \u00a9 2025.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">It was before dawn in Singapore. Mr. Peh said he awoke to confused messages from colleagues: What was $Libra?<\/p>\n<p class=\"css-at9mc1 evys1bk0\">With the price crashing after the initial boom, Mr. Peh said Mr. Novelli then directed him to post a message on X supporting the coin. Mr. Novelli provided the exact text in English and Spanish, he said.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-10\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Mr. Peh said he followed the instructions. \u201cThe $LIBRA currency has been a success. We want to thank everyone for their trust and support,\u201d KIP\u2019s account <a class=\"css-yywogo\" href=\"https:\/\/x.com\/KIPprotocol\/status\/1890606008856367576\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">posted<\/a>. \u201cWe would like to clarify that this is a private enterprise project, President Milei was not and is not involved in the development of this project, as he has mentioned himself. This is an entirely private enterprise.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Two minutes later, Mr. Milei\u2019s account disowned $Libra. \u201cI obviously have no connection whatsoever,\u201d <a class=\"css-yywogo\" href=\"https:\/\/x.com\/JMilei\/status\/1890606683291779195\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">his account posted on X<\/a>. \u201cI was not aware of the project\u2019s details.\u201d He deleted his initial post promoting $Libra.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-11\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Ten hours after that, Mr. Milei\u2019s office released a statement blaming Mr. Peh and calling $Libra the \u201cKIP Protocol project.\u201d The statement said Mr. Peh had pitched the project to Mr. Milei \u2014 and that Mr. Peh had introduced the president to Mr. Davis as a KIP representative.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cMr. Davis had no and does not have any connection with the Argentine government and was presented by the KIP Protocol representatives as one of their partners,\u201d the president\u2019s office said.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-12\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">That appeared to contradict Mr. Davis\u2019s earlier visits to the presidential offices, including before Mr. Milei and Mr. Peh met.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Novelli\u2019s company also released a statement blaming Mr. Peh and Mr. Davis for $Libra. It said he had earned nothing.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Peh said he realized that he had become the fall guy. KIP \u201cbecame a convenient party to provide cover for other parties,\u201d the company <a class=\"css-yywogo\" href=\"https:\/\/x.com\/KIPprotocol\/status\/1893944012064882702\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">said in a statement<\/a>.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-13\">\n<div class=\"css-53u6y8\">\n<h2 class=\"css-13o6u42 eoo0vm40\" id=\"link-6689dc2d\">\u2018Deeply rigged\u2019<\/h2>\n<p class=\"css-at9mc1 evys1bk0\">Part of crypto\u2019s appeal is that transactions are publicly trackable. So experts dug into $Libra \u2014 and found a mess.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-14\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">More than 10,000 crypto accounts, representing 86 percent of investors, lost a combined $251 million, <a class=\"css-yywogo\" href=\"https:\/\/research.nansen.ai\/articles\/libra-the-aftermath\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">according to Nansen<\/a>, a crypto data firm.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">At the same time, the data showed that accounts connected to $Libra\u2019s launch reaped enormous sums.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Typically, creators of a new cryptocurrency control a large percentage of the supply. But rules programmed into the currency often block those shares from being sold for a set period of time, preventing insiders from taking profits and crashing the price.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">However, the crypto accounts that created $Libra could sell immediately. Within hours, those accounts \u2014 which controlled 80 percent of the coins \u2014 had cashed out nearly $90 million, according to Bubblemaps, a crypto analysis firm.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Another $33 million in profits went to accounts that were created just hours before the launch \u2014 and that then quickly bought and sold $Libra after its release \u2014 suggesting that whoever controlled them may have known the coin was coming.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Investors were furious. \u201cIt was not only about the losses \u2014 it was about the insider activity,\u201d said Nicolas Vaiman, chief executive of Bubblemaps. \u201cIt shows how deeply rigged the game was.\u201d<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-15\">\n<div class=\"css-53u6y8\">\n<h2 class=\"css-13o6u42 eoo0vm40\" id=\"link-18de7f1c\">\u2018Whose money is it?\u2019<\/h2>\n<p class=\"css-at9mc1 evys1bk0\">A crypto rug-pull is usually mysterious: The money disappears, and no one knows who took it.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Yet a day after $Libra crashed, Mr. Davis came forward. \u201cI\u2019m here to set the record straight,\u201d he said in <a class=\"css-yywogo\" href=\"https:\/\/x.com\/KelsierVentures\/status\/1890914579493863532\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">a video posted on X<\/a>. \u201cI am indeed Javier Milei\u2019s adviser.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Then he criticized Mr. Milei. In a <a class=\"css-yywogo\" href=\"https:\/\/x.com\/KelsierVentures\/status\/1890914583910449505\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">statement<\/a>, Mr. Davis said Mr. Peh was \u201ccompletely innocent\u201d and that \u201cI can only assume that Milei\u2019s associates attempted to shift blame onto Julian to shield themselves.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">After that, he gave <a class=\"css-yywogo\" href=\"https:\/\/www.youtube.com\/watch?v=EqizJTbxAEM\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">two<\/a> <a class=\"css-yywogo\" href=\"https:\/\/www.youtube.com\/watch?v=N5XqQlGSq0M\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">interviews<\/a> on YouTube, including to Dave Portnoy, the Barstool Sports founder. Mr. Portnoy said he had a deal with Mr. Davis to promote $Libra, but pulled out at the last minute. \u201cThank Christ,\u201d he said, adding an expletive.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">In the interviews, Mr. Davis said he had controlled enormous amounts of $Libra and sold those stakes when prices were high. He also said the team that created Libra had quickly bought the coin right after it hit the market \u2014 a practice called \u201csniping\u201d widely viewed as deceptive in crypto circles.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-16\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Now he had control of $100 million, he said, and wanted to make things right.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cWhose money is it?\u201d Mr. Portnoy asked.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cI mean, it\u2019s, I mean, it\u2019s, it\u2019s, it\u2019s the, I mean, it\u2019s the,\u201d Mr. Davis replied, stammering. \u201cI don\u2019t know. I mean, it\u2019s definitely not mine. It\u2019s, it\u2019s Argentina\u2019s.\u201d<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-17\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">There is no sign that Mr. Davis has returned any money \u2014 other than to Mr. Portnoy, who said he lost $5 million on $Libra.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">In the interviews, Mr. Davis said so-called memecoins like $Libra and $Trump \u2014 crude, speculative cryptocurrencies tied to celebrities or online memes \u2014 were essentially rigged.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-18\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Data shows that some recent memecoins may have been backed by the same people.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">A <a class=\"css-yywogo\" href=\"https:\/\/x.com\/bubblemaps\/status\/1891289507338580028\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">Bubblemaps analysis<\/a> showed the crypto account that created $Libra was closely linked to the account that created $Melania, a memecoin promoted by Melania Trump that also collapsed. The two accounts were key cogs in a web of crypto wallets that transferred funds among one another, the analysis showed.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">On YouTube, Mr. Davis said he was involved in $Melania but did not elaborate on his exact role.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Ms. Trump\u2019s office declined to comment.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-19\">\n<div class=\"css-53u6y8\">\n<h2 class=\"css-13o6u42 eoo0vm40\" id=\"link-247d3f2a\">\u2018A careless president\u2019<\/h2>\n<p class=\"css-at9mc1 evys1bk0\">While the cryptoverse was erupting in outrage, Mr. Milei was buffeted by crisis in Argentina.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">The stock market dipped. A key political ally, former president Mauricio Macri, called him \u201ccareless.\u201d The press labeled the scandal \u201cCryptogate.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">A federal prosecutor has opened an investigation, including into Mr. Milei\u2019s conduct, and Mr. Milei ordered Argentina\u2019s anti-corruption office to investigate.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-20\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Then a more damning accusation arrived: <a class=\"css-yywogo\" href=\"https:\/\/www.lanacion.com.ar\/politica\/escandalo-cripto-el-creador-de-libra-alardeaba-controlar-a-javier-milei-y-de-haber-pagado-sobornos-nid18022025\/\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">La Naci\u00f3n<\/a> and the crypto news site <a class=\"css-yywogo\" href=\"https:\/\/www.coindesk.com\/business\/2025\/02\/18\/libra-token-s-co-creator-bragged-of-sending-money-to-argentine-president-milei-s-sister\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">CoinDesk<\/a> published text messages they said showed Mr. Davis telling someone he \u201cowned\u201d Mr. Milei because \u201cI send $$ to his sister.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Milei\u2019s sister has long acted as the president\u2019s gatekeeper, and he regularly refers to her as \u201cthe boss.\u201d<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Mr. Milei\u2019s spokesman, Manuel Adorni, said bribery accusations were \u201cinsulting.\u201d Mr. Milei and Ms. Milei did not respond to questions from The Times. Mr. Davis has since denied paying either of them.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">When asked on television if any deputy earned money on $Libra, Mr. Milei answered: \u201cThat\u2019s not for me to say. I have full confidence in all my officials.\u201d He backed Mr. Novelli and again blamed Mr. Peh.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">Yet he added that, regardless, he had little sympathy for the scam\u2019s victims. \u201cIf you go to a casino and lose money, what\u2019s your complaint?\u201d he said. \u201cThey knew very well the risks.\u201d<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<div data-testid=\"companionColumn-21\">\n<div class=\"css-53u6y8\">\n<p class=\"css-at9mc1 evys1bk0\">Three days later, another cryptocurrency billionaire posted that he wanted to bring a new crypto conference to Argentina.<\/p>\n<p class=\"css-at9mc1 evys1bk0\">\u201cTHANK YOU VERY MUCH,\u201d Mr. Milei <a class=\"css-yywogo\" href=\"https:\/\/x.com\/JMilei\/status\/1892615113422561563\" title=\"\" rel=\"noopener noreferrer\" target=\"_blank\">replied<\/a>. \u201cIt would be a great opportunity for our country.\u201d<\/p>\n<p class=\"css-798hid etfikam0\">David Feliba<!-- -->, <!-- -->Daniel Politi<!-- --> and <!-- -->Luc\u00eda Cholakian Herrera<!-- --> contributed reporting from Buenos Aires and <!-- -->Natalie Alcoba<!-- --> from Toronto. <!-- -->Kitty Bennett<!-- --> contributed research.<\/p>\n<\/div>\n<aside class=\"css-ew4tgv\" aria-label=\"companion column\"\/><\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6606220950177433\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- ItShrt World News -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6606220950177433\"\r\n     data-ad-slot=\"1882483372\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.nytimes.com\/2025\/02\/28\/world\/americas\/argentina-crypto-scandal-president.html\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The scandal began with a tweet. \u201cThe world wants to invest in Argentina,\u201d Javier Milei, Argentina\u2019s president, posted at 7:01<\/p>\n","protected":false},"author":1,"featured_media":9460,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[1799,3342,3341,114,2717,1798,1797,469,113,176],"class_list":["post-9459","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology","tag-argentina","tag-barstool-sports-inc","tag-coindesk-inc","tag-donald-j","tag-frauds-and-swindling","tag-javier","tag-milei","tag-politics-and-government","tag-trump","tag-virtual-currency"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Argentina\u2019s Crypto Scandal Swindled Thousands. 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scandal began with a tweet. \u201cThe world wants to invest in Argentina,\u201d Javier Milei, Argentina\u2019s president, posted at 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