Cryptocurrencies

Milei Stumbles Into Crypto Memecoin Scandal Before US Trip

Argentine government launches probe after Libra debacle
Libertarian hoping to meet Trump, secure fresh IMF funds

Javier Milei speaks at the World Economic Forum in Davos, Switzerland, on Jan. 23.Photographer: Stefan Wermuth/Bloomberg

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By Jonathan Gilbert and Patrick Gillespie

February 17, 2025 at 3:02 AM UTC

Updated on

February 17, 2025 at 8:14 PM UTC

This article is for subscribers only.

Late Friday night, prolific social media user Javier Milei directed followers to a site that purported to raise money for small businesses in Argentina using crypto.

Half a world away, digital currency entrepreneur Hayden Davis saw the value of the Libra token, a so-called memecoin he helped launch, begin to surge. Its market value flew past $1 billion, $2 billion, all the way over $4 billion.