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One year after Argentine President Javier Milei publicly backed the Libra meme coin, the fallout from what many call a massive rug pull continues to affect the crypto community. The token launch sparked a global buying frenzy, but the price later collapsed, leaving thousands of investors with significant losses and damaging trust in politically endorsed digital assets.
Among those affected was Alfonso Gamboa Silvestre, a 25-year-old trader from Chile, who lost $10,000 when Libra’s price collapsed. On February 14 of last year, he received a Telegram alert claiming that Milei had launched a cryptocurrency through the “Viva La Libertad Project.” After checking the post on Milei’s official X account, Gamboa invested $5,000 in two transactions.
Within hours, the token’s value fell sharply. Like many retail investors who entered during the hype, he exited at a steep loss, ultimately doubling his initial investment in damages.
Gamboa had been active in crypto since 2016 and became a serious trader in 2022. Earlier meme coin investments, including TRUMP and MELANIA, had been profitable, which reinforced his belief that Libra could follow a similar trajectory. The sudden crash, however, led him to leave the cryptocurrency industry and lose confidence in digital asset markets.
Legal consequences are still developing. In Argentina, 212 investors have joined a class action lawsuit seeking compensation. Data from local exchange Ripio indicates at least 1,329 Argentines suffered losses, contradicting Milei’s claims that only a few were affected.
International investors from countries including the United States, Australia, Lebanon, and Bosnia were also impacted. In the United States, a separate lawsuit targets Hayden Davis, CEO of Kelsier Ventures, who is accused of orchestrating the project.
As investigations continue, questions remain about Milei’s involvement and how the Libra token was promoted. For many investors, the Libra crypto scandal is viewed as more than a financial loss, reflecting a broader breakdown of trust in meme coins and politically backed cryptocurrency projects.
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