Main to remember
- President Milei withdrew the support of the Balance Token after losing a value of 85%.
- Previously, Milei promoted Coinx, alleged as a Ponzi diet having an impact on investors.
Share this article
The president of Argentina, Javier Milei, withdrew his support for the token even Balance after initially approved him, declaring that he had no connection with the project. Milei also admitted that he had not made his reasonable diligence before tweeting the support, but deleted his tweets once he learned of the details.
The token, which was supposed to be part of the Viva La Libertad project supporting the economy of Argentina, dropped by 85% in value in the reports of the liquidation of the project team.
“A few hours ago, I published a tweet, because I have so many other times, supporting a supposed private enterprise with which I obviously have no link,” said Milei. “I was not aware of the details of the project and after becoming aware, I decided not to continue to pass the word (that’s why I deleted the tweet).”
The analysis shows that 82% of the token supply is concentrated among a small number of addresses, suggesting centralized control.
In addition to clarifying his position, Milei has rejected criticism seeking to capitalize on the controversy.
“To dirty rats of the political caste who want to take advantage of this situation to hurt, I mean that every day, they confirm how vile politicians are, and they increase our conviction to kick them in the ass, “he said.
This is not Milei’s first controversy involving cryptography projects. At the end of 2021, he promoted Coinx, an alleged program by Crypto Ponzi, on Instagram, saying that this could help Argentinians fight inflation, previously reported Protos.
Coinx has promised high profits thanks to automated merchants and expert merchants, but investors said they had not received the expected returns. The National Commission for Securities Subsequently ordered Coinx to stop operations.
Investors continued Milei, asking for damages for the losses estimated between 30 million and 40 million pesos (around $ 300,000).
Share this article
