Bitget in Spotlight as Argentina’s Milei LIBRA Memecoin Scandal Leads to Frozen Assets

Argentine President Javier Milei is at the center of a cryptocurrency scandal after a selfie with U.S. businessman Hayden Davis sparked suspicions of a memecoin fraud. The LIBRA memecoin, previously promoted by Milei, saw $507,500 moved through Bitget within 42 minutes of the viral post, prompting federal intervention. Judge Marcelo Giorgi has now frozen the assets involved, marking a significant development in the ongoing investigation.

Argentina’s Milei LIBRA Memecoin Scandal Update: Assets Now Frozen

Argentine President Javier Milei finds himself embroiled in a cryptocurrency scandal after a selfie with U.S. businessman Hayden Davis triggered a chain of events revealing a potential memecoin fraud. Within 42 minutes of the viral post, $507,500 moved through Bitget, drawing investigators' attention to the LIBRA memecoin promoted by Milei earlier this year.

Federal Judge Marcelo Giorgi has issued a 'prohibición de innovación,' freezing assets linked to LIBRA. The order targets Davis and two crypto operators—Orlando Mellino of Argentina and Favio Rodriguez of Colombia—whose wallets exhibited suspicious activity. Prosecutor Eduardo Taino spearheaded the request, supported by Argentina’s financial investigation units, which estimate losses between $100-$120 million for hundreds of investors.

The court’s decision aims to prevent further movement or concealment of funds pending case resolution. Argentina’s National Securities Commission (CNV) has been notified to enforce the freeze across all domestic crypto platforms.

Argentine Judge Freezes LIBRA Memecoin Assets Amid Fraud Probe

An Argentine federal judge has frozen assets tied to the LIBRA memecoin following suspicions of fraudulent activity. The investigation was triggered after President Javier Milei's social media post featuring businessman Hayden Davis led to a $500,000 transfer that raised red flags.

Prosecutor Eduardo Taino estimates up to $120 million may have been defrauded from LIBRA investors. The freeze targets assets linked to U.S. businessman Hayden Davis and crypto operators Orlando Mellino and Favio Rodriguez. Millions were reportedly moved from LIBRA's liquidity pools to exchanges including Bitget and Circle.

The case highlights growing regulatory scrutiny of meme coins and their potential misuse. While cryptocurrencies continue gaining mainstream traction, incidents like this underscore the need for investor vigilance in speculative digital asset markets.