Mileis Meme Coin Condemned as a Fraud in Buenos Aires Crypto Establishments

# Mileis “Meme Coin” Condemned as a “Fraud” in Buenos Aires Crypto Establishments

*Dispatch from Buenos Aires*

– DL News has discovered that local crypto aficionados once had faith in President Javier Milei.
– The talk is everywhere in cafes and shared workspaces.
– Argentina’s intense inflation has fostered a lively crypto collective.

The crypto community in Buenos Aires is seething with rage.

“It’s a farce,” stated an Argentinian crypto attorney.

“A catastrophe,” stated a crypto staff member.

“Two-faced,” stated another.

But this wasn’t unforeseen. “This is Argentina, pal,” stated an industry advocate.

In Buenos Aires’ crypto cafes and workspaces, the Libra meme coin fraud and President Javier Milei’s part in promoting the plan have not been welcomed.

“Even if we’re not completely certain of the degree of his participation, it’s still a disaster,” stated Mateo Moragues, a 23-year-old Argentinian crypto user and worker in the sector.

Like many local investors, Federico Salguis, a 28-year-old Argentinian developer, lost funds when Libra soared after its launch last Friday, then collapsed more than 97%, eliminating $4 billion in market worth.

“I’m let down,” Salguis told me. “I’ve lost a great deal of confidence.”

## A Lively Collective

Buenos Aires, known as the Paris of Latin America, has cultivated a lively crypto community.

There’s a Bitcoin cultural hub, many cafes that accept crypto, and a vast co-working area in the heart of Palermo Hollywood, a fashionable district overflowing with bars and boutiques.

This isn’t by chance.

The nation’s past of double-digit or even triple-digit inflation has compelled numerous Argentinians to seek shelter in alternative assets, including Bitcoin and other cryptocurrencies.

That’s why Milei’s choice to back a token that immediately went bankrupt is so agonizing.

The free-market economist, a staunch advocate for digital currencies and a champion of reforming Argentina’s corrupt political system, has found favor with Bitcoin aficionados.

They have faith in him.

“I noticed his post and opted to invest, even though I suspected his account might have been compromised,” Sagis shared with me in a park in Colegiales, a tranquil, hidden district with stone-paved roads and a free-spirited atmosphere.

Sagis elaborated that he saw Milei’s post approximately 28 minutes after its publication, when Libra’s market value was around $3 billion.

He understood he was somewhat behind, but he invested regardless. Not a substantial amount, he mentioned, “around $200.”

Another local investor experienced a less fortunate outcome. Juan Pablo, a 23-year-old Argentinian digital currency user, lost $1,000 on Libra.

“Balde de agua fría,” he told me. “It was like a shock.”

35,000 Wallets

Milei has distanced himself from the Libra fiasco, asserting “he is unaware of the specifics,” despite reports this week that he conferred with the token’s creators prior to its debut.

On-chain analytics company Nansen revealed that over 35,000 wallet addresses acquired Libra, with 86% of traders incurring losses.

Milei disregarded the information, contending that Argentinians were largely unaffected.

“There were no more than 5,000 actual investors,” Milei stated in a Monday television appearance. “Did Argentinians lose money? No. Perhaps only five individuals were Argentinian.”

“This hinders acceptance once more.” —  Mateo Moragues

Milei also asserted that Libra investors were aware of the risks involved.

“It’s a gamble,” he stated, before contradicting himself. “I promoted the project because I believed it was legitimate.”

Sagis was displeased by the president’s reaction.

“His post wasn’t to promote a joke currency, but a serious undertaking,” Sagis said. Toncoin (TON) Value Forecast for March 26th

This is not just duplicity,” noted a crypto public relations director, age 39. “It’s complete fraud.”