Ah, a selfie, a quick transfer, and voilà – Argentina’s president, Javier Milei, suddenly finds himself plunged into the wild, unpredictable world of crypto. But who could have predicted that a viral post with a U.S. businessman would spark this particular storm? Certainly not Milei, that’s for sure.
In the briefest of time frames-42 minutes to be exact-half a million dollars shuffled through Bitget, and now investigators are wondering whether this moment exposed one of the country’s most audacious memecoin frauds. Can you smell the scandal brewing?
Here’s what we know so far. Grab a coffee, it’s a wild ride.
Judge Freezes Assets in LIBRA Fraud Case
In a move that would make even the most seasoned conspiracy theorists raise an eyebrow, Federal Judge Marcelo Giorgi has issued a “prohibición de innovación”-that’s a fancy way of saying “we’re freezing everything” when it comes to assets connected to LIBRA. You know, that charming memecoin President Milei was hyping up earlier this year. The freeze extends to some familiar faces too-Hayden Davis, Orlando Mellino (an Argentine crypto operator), and Colombian Favio Rodriguez. Funny how all their wallets suddenly started looking suspicious. How convenient!
According to prosecutor Eduardo Taino, who requested this drastic measure, a whole bunch of investors-hundreds, maybe even thousands-might have lost between $100-$120 million in this lovely crypto charade. The court’s verdict? Don’t let these suspects move or hide their dirty money until the truth is laid bare. Makes sense, right?
The order was sent to Argentina’s National Securities Commission (CNV), just in case any crypto platforms thought they could sidestep this little freeze. Sorry, not happening.
The $507,500 Transfer That Raised Eyebrows
Now, this is where it gets really juicy. Remember that selfie President Milei posted with Davis on January 30? Well, just 42 minutes after it went live, Davis transferred a cool $507,500 via Bitget. Prosecutors are eyeing this timeline like it’s the smoking gun. Coincidence? Oh, we’re not buying it.
With the help of on-chain tracking from TRM Labs and Chainalysis, investigators have traced multimillion-dollar withdrawals from LIBRA’s liquidity pools, funneled through several exchanges including Bitget, Gate.io, and Circle. You know, just your typical day in the world of shady transactions.
TRM Labs estimates that about $90 million was funneled through consolidation addresses. Reuters even chimed in with an oh-so-subtle remark: “the on-chain behavior suggests these addresses are closely related to the LIBRA creator team.” How about that?
Political Fallout Deepens
Oh, but the plot thickens. LIBRA’s token launch on Solana back in February saw a brief spike after Milei’s glowing social media endorsement. And then, naturally, the whole thing crashed and burned in record time. Coincidence? We think not.
But wait, it gets better. Leaked text messages from Davis made things even stickier. In one such message, Davis boasted, “I send money to his sister and he signs what I say and does what I want. Crazy.” Yeah, that’s not suspicious at all, is it?
For many in Argentina’s crypto community, this scandal is now a cautionary tale-what started as a meme-driven project with a presidential endorsement has now evolved into a full-blown disaster, draining millions from innocent investors. And just like that, the LIBRA memecoin is no longer a joke.
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2025-11-11 13:20