Argentine President Javier Milei found himself at the centre of controversy after his official X account promoted the LIBRA token late Friday.
The post, which claimed that funds raised from the token would support small and medium-sized businesses in Argentina, sparked immediate backlash.
Milei later clarified that the project was privately run and that he had no financial stake in it. In a follow-up statement, he said he was unaware of the details when he initially shared the information and deleted the post after learning more about it. The president also accused political opponents of using the incident to attack him.
Despite the clarification, concerns remain regarding the token’s structure. Reports indicate that 82% of LIBRA token’s total supply has been distributed among a network of interconnected wallets, raising fears of centralized control and possible market manipulation.
LIBRA is officially a project of KIP Network, a Web3 platform for AI applications backed by Animoca Ventures. The company has been involved in blockchain initiatives in Buenos Aires and previously met with Milei in October. This has led to speculation over whether the Argentine government has any deeper involvement in the project.