In recent developments, both Argentine President Javier Milei and American internet personality Haliey Welch are under scrutiny for their involvement in controversial cryptocurrency promotions.
President Milei’s $LIBRA Promotion Sparks Legal Inquiry
President Javier Milei of Argentina is facing legal challenges following his endorsement of the cryptocurrency $LIBRA. Milei promoted $LIBRA on his social media, describing it as a private initiative aimed at bolstering Argentina’s economy. However, shortly after his endorsement, the cryptocurrency’s value plummeted by over 95%, leading to significant investor losses. In response, Milei deleted his promotional post and claimed unfamiliarity with the project’s specifics.
The incident has prompted a federal investigation, with Judge María Servini de Cubria reviewing allegations that Milei was part of a fraudulent scheme affecting more than 40,000 individuals and resulting in illicit gains of approximately $100 million. The opposition has labeled the situation as an “unprecedented scandal” and is considering impeachment proceedings against the president. The Argentine stock market reacted negatively, with the S&P Merval index dropping nearly 4% following the controversy.
Influencer Haliey Welch’s $HAWK Token Under Fire
In a parallel scenario, American influencer Haliey Welch, popularly known as the “Hawk Tuah girl,” is confronting backlash over her involvement in the $HAWK cryptocurrency. Launched in December 2024, the $HAWK token experienced a meteoric rise, reaching a market capitalization of nearly $500 million, before crashing to $25 million. Investors have accused Welch of orchestrating a “pump-and-dump” scheme and engaging in insider trading. Welch has denied these allegations, asserting that she had noble intentions and plans to rectify the situation. She has expressed a commitment to transparency and assisting those affected by the token’s collapse.
These incidents highlight the potential risks associated with cryptocurrency investments, especially those influenced by high-profile endorsements. Both cases are under active investigation, and further developments are anticipated as legal proceedings continue.
