Argentina’s controversial Libra scandal continues to evolve, capturing global attention as Bitcoin’s sustained inactivity elicits concerns of artificial price manipulation among industry veterans. A recent memecoin crash, initially promoted by Argentine President Javier Milei, wiped out over $4 billion from the token’s market value within hours, intensifying political scrutiny and calls for his impeachment. Industry voices, like Samson Mow, express skepticism over Bitcoin’s prolonged stable price range, insinuating potential suppression efforts.
President Milei faces mounting pressure, accused of endorsing the Solana-native Libra token, which quickly collapsed in a suspected insider scam. Following the token’s brief surge to a market cap of $4.56 billion, its value plummeted by 94% within 11 hours, prompting impeachment threats from political opponents. Milei claims he was unaware of the project’s specifics at the time of endorsement.
In the broader cryptocurrency discourse, Ethereum co-founder Vitalik Buterin criticized the industry’s perceived moral shift toward gambling, highlighting disagreements over blockchain-based casinos.
Meanwhile, the phenomenon of “pig butchering” scams has emerged as a formidable threat, with over $5.5 billion swindled from investors in 2024 alone. These scams involve complex manipulative tactics, with significant impacts on major centralized exchanges and platforms.
Amid ongoing market fluctuations, 24% of the top 200 cryptocurrencies have reached their lowest valuations in over a year, sparking speculations of an impending market capitulation. Nonetheless, despite a challenging landscape marked by high-profile scams and regulatory dilemmas, the crypto sector continues to innovate and grow, with observers hopeful for a rebound in the near future.
