💰 Milei’s scamcoin, Honduras protectorate

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Javier Milei on the defensive after USD 100 million online scam

As a libertarian economist, Argentina’s President Javier Milei rose to fame preaching the virtues of unregulated markets. But one of them could prove to be his undoing, as his government is under fire for promoting a cryptocurrency scam that cost users as much as USD 100 million in a matter of hours.

👉 Why it matters. Financial credibility has been the cornerstone of Milei’s political project, with Argentine stocks and bonds soaring in value since he took office. A hit at his prestige within the cohort of global finance could reverse capital flows and expose the underlying fragility of Argentina’s economy.

• As The Brazilian Report has explained, this is not the first blatant scam Milei has endorsed, although previous ones did not make as much noise internationally. 

• The scandal has also snowballed into accusations about bribes to his inner circle, a topic that could put the government on the defensive for months to come. 

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