Argentine lawyers have filed fraud charges against President Javier Milei for promoting the cryptocurrency $LIBRA on social media. Milei posted about the coin on Friday, claiming it aimed to support small businesses and startups, but later deleted the post. The coin’s value subsequently collapsed, causing millions in investor losses.

Lawyers argue Milei’s actions resemble a “rug pull”—a fraudulent crypto scheme where developers attract investors before abandoning the project. They also claim he violated public ethics laws.

Milei’s office denied involvement in the coin’s development and said he removed the post to prevent speculation. The administration acknowledged a recent meeting with KIP Protocol, the company behind the coin, and pledged to cooperate with investigations.

One of KIP Protocol’s representatives, Hayden Davis, blamed Milei for the collapse, stating the president unexpectedly withdrew support. The case will be assigned to a judge or prosecutor for further investigation.