The president used his official accounts on February 14, 2025, to promote the token—which turned out to be a fraud—and to invite savers and investors to buy it, claiming the funds would be used to foster small and medium-sized enterprises in the country. However, the entire venture proved to be a massive swindle.
Dozens of people who invested in $Libra were defrauded of more than $100 million.
After failing to reach an agreement during mandatory mediation, around thirty investors will file a multi-million dollar civil lawsuit against the accused parties, attorney Nicolás Oszust stated in an interview with Radio AM750.
The accused include crypto entrepreneurs Hayden Davis (an American and the creator of $Libra), Argentines Mauricio Novelli and Manuel Terrones Godoy, Singaporean tech entrepreneur Chyi Haur Peh, and María Pía Novelli.
Government officials implicated in the case include the president, his sister Karina Milei, former Chief of Cabinet Manuel Adorni, Adorni’s advisor Demian Reidel, the president of the National Securities Commission (CNV) Roberto E. Silva, and Sergio Morales, a CNV board member and partner of Novelli.
Oszust maintained that there is documentary evidence supporting arguments sufficient to prove everyone’s involvement. Novelli, for instance, arranged Davis’s visit and meeting with Milei and was in the United States with his American partner on the day the president promoted the fake cryptocurrency.
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