Argentine lawyers have filed fraud charges against President Javier Milei after he promoted a cryptocurrency on social media, leading to investor losses worth millions of dollars.

According to a report from the Associated Press, the charges stem from a post Milei made on the social media platform X (formerly Twitter) on Friday, in which he endorsed a cryptocurrency called $LIBRA. He described the token as an initiative aimed at “encouraging economic growth by funding small businesses and startups.” 

However, within hours, Milei deleted the post, and the cryptocurrency’s value collapsed, causing substantial financial losses to investors who had bought in during the brief surge.

On Sunday, lawyer Jonatan Baldiviezo and his legal team filed a criminal complaint against Milei, alleging that his promotion of $LIBRA constituted fraud.

“We see an illicit association to commit an indeterminate number of frauds,” Baldiviezo told the AP. “Within this illicit association, the crime of fraud was committed, in which the president’s actions were essential.”

Read more: $4.6B to $200M: How $LIBRA became the fastest crypto collapse 

The cryptocurrency was developed by KIP Protocol and Hayden Davis and was accessible through a link leading to the website vivalalibertadproject.com, which references Milei’s well-known slogan, “Viva la Libertad.”

Following public backlash and concerns over the token’s legitimacy, the President’s Office issued a statement on Saturday, distancing Milei from the project. The statement asserted that Milei “was not involved in any stage of the cryptocurrency’s development” and that he deleted the post “to avoid speculation and limit further exposure.”

Despite this defense, critics argue that Milei’s initial endorsement misled investors, particularly because the token carried branding closely linked to his political persona. 

The rapid devaluation of $LIBRA, recorded by financial site Dexscreener, has fueled allegations that the incident was part of a coordinated pump-and-dump scheme.

Milei’s legal troubles highlight the increasing scrutiny of political figures and influencers who promote cryptocurrencies. Similar cases have surfaced globally, including lawsuits against celebrities and social media personalities for allegedly misleading investors through endorsements of volatile digital assets.