Argentine government says it will investigate Milei after disclosure of cryptocurrency
Hours later, the president’s profile deleted the message. “I was not aware of the details of the project and after becoming aware of him I decided not to continue to disclose it,” Milei explained in the early hours of Saturday, also in posting at X.
“PUCKED RUG”
According to The Kobeissi Letter magazine, which specializes in the capital market, almost 80% of the $ pound asset was in the hands of just a few investors before Milei’s support. After publication of the president’s message promoting the asset, its value grew exponentially, tenth to a $ 4,978 peak ($ 29.7). The original holders began selling making millions profit, but the value of cryptocurrency soon plummeted.
The computer expert and digital influencer dedicated to exposing Javier Smaldone pyramid schemes explained that something happened in the world of negotiable titles is called the “pulled rug.”
“A cryptocurrency is created, which can also be done with action, it is given initial liquidity so that what was created is worth something and then an advertising campaign of some kind is beginning to attract people,” Smaldone told AFP news agency explaining the role that Milei’s promotion could have played.
Smaldone explained that as “people buy, the value of that asset goes up (…) until a time comes when those who manage liquidity remove the money and the thing collapses.”
