Why LIBRA meme coin promoted by Argentina President Milei is crashing?

LIBRA meme coin promoted by Argentina’s President Javier Milei is making headlines again, crashing nearly 15% on the day. A local Argentine media outlet, Perfil, reported that lawyer Gregorio Dalbón had requested Interpol for a red notice to be issued for Hayden Davis. 

Davis has been identified as the key figure behind the LIBRA meme coin. The lawyer alleges that Davis was responsible for the creation of LIBRA and the profits obtained by the founding accounts until its collapse, and this indicates a possible pattern of conduct aimed at defrauding investors using his ties to the highest officials of the Argentina’s government like President Javier Milei. 

LIBRA is crashing

LIBRA wiped out nearly 15% of its value on Thursday, down nearly 92% since its all-time high. 

LIBRA/USDT 4-hour price chart 

The meme coin promoted by President Milei is in a steep decline. 

With his request for the Interpol Red Notice, Dalbón urges law enforcement worldwide to locate Davis and arrest him provisionally, pending extradition from the United States (US). In his petition, the lawyer argues that Davis poses a flight risk because of his foreign residence. 

The scandal surrounding LIBRA and Davis is likely negatively impacting the sentiment among traders after President Milei and his administration faced an investigation following the meme coin’s price crash.