Dave Portnoy returns $LIBRA 6 million after Argentine president investigated

Barstool Sports founder Dave Portnoy revealed that he has returned 6 million Libra tokens (LIBRA) to Hayden Davis and KIP Protocol, the project's founders, after being asked not to publicly disclose that he received compensation to promote this token. In a Feb. 16 X Spaces chat with 3.6 million followers, Portnoy said he received between 6 million and 6.5 million tokens as a reward and also bought more Libra himself on the market. However, after Davis requested secrecy, he decided to return the tokens issued.

"I can't receive tokens without being allowed to publicly say that I received them and was part of the project. So I immediately sent it back. All this happened before I realized it was a disaster." Even though he returned the gifted tokens, Portnoy still held onto the portion of Libra he had bought, then witnessed their value plummet drastically. He kept in touch with Davis throughout the token's decline and concluded that Davis may not have intentionally deceived investors. Instead, Argentine President Javier Milei may have unexpectedly withdrawn support for the project, leading to unforeseen issues. But many people also believe that the founder of Barstool Sports is trying to escape the accusation of defrauding investors by "returning stolen money". On the DEX Jupiter platform on Solana, in the memecoin community, the upcoming 'Argentina Coin' is a well-known fact. Ben from Meteora received the contract address (CA) a few minutes before the launch for verification. When LIBRA was added to the (Strict List) for strict control and displayed with a 'Verified' tag in the Trenches product, its market capitalization reached 1.5 billion USD. Jupiter emphasizes that they are seriously considering allegations of insider trading, conducting internal investigations but have not found evidence of any team member engaging in this behavior.

President Milei under pressure after Libra's collapse Libra has been touted as a financial support project for small businesses and startups in Argentina. President Javier Milei initially publicly supported the project through a post on X, but the post was later taken down. After Libra lost more than 95% of its value, wiped out more than $4 billion in capitalization, it abruptly withdrew $107 million from the liquidity pool. But Milei quickly denied involvement, claiming that he didn't really understand the project well before promoting it.

However, the incident has sparked strong reactions in the political circles of Argentina. Milei is now facing the risk of impeachment, as the opposition believes that his actions are a serious mistake affecting the nation's reputation. If the impeachment process is successful, the president-elect, who will take office in November 2023, may be forced to resign. Argentinian lawyers have also officially filed a lawsuit against Javier Milei for accusing fraud in criminal court on Sunday. Earlier, the President's office stated on Saturday that Milei did not participate in any stage of the development of this cryptocurrency and decided to delete the post to avoid speculation and limit risks following public reaction to the project. DYOR! #Write2Earn #MileiMemeCoinControversy $BTC {spot}(BTCUSDT)