The president of Argentina, Javier Milei, faces threats of dismissal after having approved a cryptocurrency called Balance, supposed to support small businesses, which crashed and lost billions of dollars in value in a few hours, According to Reuters.
In an article in Friday late Friday at the end of the end, Milei promoted balance as a private project designed to collect funds for small and medium -sized Argentinian companies, adding that he could not bear the personal gain of the project.
The token quickly reached a market capitalization of around $ 4.5 billion in a confusion on the legitimacy of the Tweet of Milei, with speculation according to which his account may have been compromised or that the crooks had cheated on him.
Milei deleted the position five hours later, saying that he was “not aware of the details of the project” and, now informed, chose not to continue to promote it.
The market then panicked, the initiates collecting $ 87.4 million in tokens, according to Kobeissi Letter data sources and bubbles. The token market capitalization crashed 90%, erasing more than $ 4 billion in market capitalization.
The country’s fintech chamber said that the balance may potentially be a “carpet traction”, in which the developers abandon a project after taking money at the initial sale.
“This scandal, which bothers us on an international scale, obliges us to launch a request for indictment against the president,” Legadro Santoro legislator, a member of the Argentine opposition coalition, said on Saturday.
