CNN
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Argentine President Javier Milei recently defended his advocacy for a cryptocurrency that saw its value plummet shortly after its introduction, comparing those who chose to invest in the token to casino gamblers.

“If you go to a casino and lose your money, what claim do you have if you were aware of the risks?” he stated during an interview with TN, aired on Monday evening.

Milei had promoted the lesser-known cryptocurrency $LIBRA on his X account last week, believing it would stimulate economic development by investing in small enterprises.

“I am highlighting that this initiative is aimed at supporting Argentines who have ongoing projects but lack access to funding,” he told TN.

Following his endorsement, the cryptocurrency’s value surged, only to rapidly decline and result in significant financial losses for many investors.

Shortly after tweeting about it, Milei deleted his post, expressing doubts regarding the token.

Critics have since called for Milei’s impeachment and lodged various criminal allegations against him, including one with the U.S. Department of Justice, asserting a connection to multiple cases of “fraud.”

The Popular Unity political party and others filed a complaint against the president, the cryptocurrency’s developers, and several other individuals. They claim that this constituted “the largest scam in the history of this sector through an operation known as ‘Rugpull,’ in which project developers launch a token, lure in investors to inflate its value, then suddenly withdraw and seize the funds.”

On Monday, the plaintiffs announced that a judge had been appointed to investigate the complaint.

CNN has reached out to the developers of the token for their perspective on these allegations.

On Saturday, Kelsier, the company involved in launching the cryptocurrency, denied accusations that its founders were engaging in fraudulent behavior.

When asked if he believed he had made an error, Milei responded to TN, “No, because my intentions were good.”

Milei maintained that every individual who invested in the cryptocurrency did so of their own accord, notwithstanding his public endorsement.

“I did not endorse it; I merely shared information about it,” he clarified, emphasizing that he did not receive any personal gains from the cryptocurrency.