Argentina Being tanks after Milei Meme Coin Mess

The stock market of Argentina took a sharp dip on Monday morning after the president of the country was hit by fraud for promoting a meme At the end of Friday.

The S&P Merval fell by more than 5% when the markets were opened on Monday in Buenos Aires, data from Yahoo to show.

The index, which follows the largest companies in the South American country, has since been sent back somewhat, but has still been exchanged 3% lower than when it is closed on Friday.

The markets of Argentina were thrown in chaos after President Javier Milei had focused on X (formerly Twitter) on one on Friday Solana-Based token called Libra.

The president had said in a tweet now removed that the project would “be dedicated to encouraging the growth of the Argentinian economy by financing small Argentinian companies and startups.” Investors were able to buy token with a link to a website.

But after the scales on the market had risen to more than $ 4 billion, it deposited by almost 90% within a few hours after the launch.

Companies that follow blockchain movements warned that data showed that a small handful of portfolios kept the majority of the scales -typical of a carpet pull. In the Crypto industry there are carpet tracts when developers collect funds to deliver a project, but then leave it to quickly cash in and keep investors funds.

Milei’s adviser to the scales project, CEO of Cupel Ventures, Hayden Davis, admitted in an interview with YouTuber Coffeezilla that he has removed around $ 100 million from the Libra -Liquidity pool and has control over the funds.

Davis said, however, that he is not going to benefit personally from those funds and now waits for word Van Milei and the Argentinian government before he decides to do something with the money.

The president’s office has since ordered an investigation and refused advanced knowledge of the scale project. Have lawyers in the South American nation Fraud -Submitted Against Milei and expects that a judge, according to the Associated Press, will already take action in the case on Monday.