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Lawmakers in Argentina’s Chamber of Deputies backed an investigation into President Javier Milei’s alleged involvement in the Libra (LIBRA) cryptocurrency scandal.

According to an April 8 report by local news outlet Buenos Aires Times, deputies in the lower house voted 128 to 93 in favor, with seven abstentions. The same proposal previously failed to move forward in the Senate.

The news follows Milei promoting the LIBRA memecoin on social media. With the Argentine president leveraging his credibility as a government official and his 3.8 million followers, the token quickly reached $5, briefly touching a market cap of $4 billion.

Milei has since faced accusations of wrongdoing, with critics claiming that LIBRA was a rug-pull scam and that he lured investors in. Lawyer Jonatan Baldiviezo, alongside Marcos Zelaya, engineer María Eva Koutsovitis and economist Claudio Lozano, a former head of Argentina’s central bank, filed a lawsuit against Milei, accusing him of fraud.

Related: KIP Protocol reveals involvement in Javier Milei-endorsed Libra rug pull

A presidential-scale disaster

According to Baldiviezo, Milei’s promotion was instrumental in an “illicit association” with the promoters of the cryptocurrency. The non-governmental organization Observatorio del Derecho a la Ciudad shared the concerns and filed a case that accused the president of promoting a scheme that reportedly resulted in over 40,000 investors losing more than $4 billion.

February onchain data showed that the hardest hit investors of the LIBRA memecoin pump and dump scheme lost a combined $251 million. Blockchain data shows that of the 15,430 wallets that sold at a profit or loss of more than $1,000, over 86% of those sold at a loss, resulting in a total of $251 million lost.

Despite numerous sources showing his social media posts, in mid-February, Milei denied claims that he promoted LIBRA. He said at the time:

“I did not promote that. What I did, I spread the word.”

Related: Javier Milei risks impeachment after endorsing $107M Libra rug pull

A reported family business

One of the creators behind the controversial Libra crypto token reportedly sent a text message bragging about being able to pay Argentine President Javier Milei’s sister in exchange for the president sharing the memecoin’s details on social media. According to February reports, Hayden Davis — a person connected to the project — sent a message to a crypto investment firm executive saying that he could pay Karina Milei for “control” over the Argentine president:

“We can also have Milei tweet and meet in person and do promo. […] I send $$ to his sister and he does whatever I say and does what I want.”

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Learn MoreArgentine lawmakers back Milei probe in Libra crypto scandal

Low supply concentration in this range may lead to heightened volatility. …

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Bitcoin may have a greater probability of outlasting the dollar over the next three decades, according to Jeff Park, Head of Alpha Strategies at Bitwise Invest, who described the prospect as “an actual truth to grapple with.” He said, “Higher chance bitcoin survives over the dollar in our lifetime after today.” The remark followed a […]

The post Greater chance ‘Bitcoin survives over the dollar in our lifetime after today’ appeared first on CryptoSlate.

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Learn MoreGreater chance ‘Bitcoin survives over the dollar in our lifetime after today’

Ethereum fear, uncertainty, and doubt are at peak levels as the asset plunged below its 2018 market cycle high.  …

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The lingering fears triggered by US President Donald Trump’s sweeping global tariffs have analysts increasingly convinced that Bitcoin is now more likely than ever to challenge the US dollar in the years ahead.

“Higher chance Bitcoin survives over the dollar in our lifetime after today,” Bitwise Invest head of alpha strategies Jeff Parks said in an April 9 X post.

Investors will be left with no other option but Bitcoin, says crypto exec

“First time the thought hit me and didn’t feel like theory but an actual truth to grapple with,” Parks added. 

Bitwise CEO Hunter Horsley shared a similar view, noting that with trust in the US dollar waning and other foreign currencies seen as “even weaker,” investors are left with fewer choices. 

He argued that gold, typically seen as a safe harbor amid uncertainty, also has drawbacks around shipping and storage and implied that Bitcoin may be the only option left. “You wind up buying Bitcoin,” Horsley said.

The US Dollar Index — which tracks its strength against a basket of major currencies —  is trading at 102.193, down 5.84% since Jan. 1, according to TradingView. However, Wall Street analysts were mistaken in thinking that the tariffs would bolster the US dollar, according to a recent Wall Street Journal report.

On April 2, Trump signed an executive order establishing a 10% baseline tariff on all imports from all countries, which took effect on April 5. Harsher reciprocal tariffs on trading partners with which the US has the largest trade deficits then kicked in on April 9.

Uncertainty around the tariffs and fears of a broader recession have been major catalysts for a wide traditional and crypto market decline.

Bitcoin (BTC) is trading at $76,301, down 18.37% since Jan. 1, according to CoinMarketCap data.

Bitcoin author Saifedean Ammous said in an April 8 X post that America’s issue isn’t with one specific country’s deficit but with aggregate deficits worldwide due to having a “fiat money printer.”

Related: Bitcoin weekly RSI hits bull market low as trader sees $70K BTC price bottom

“An ever-increasing number of Americans can live off the money printer as long as the rest of the world is using the dollar,” Ammous said.

He argued that the real solution is to stop printing “fake money” and move to a hard store of value, naming Bitcoin or gold as examples.

“Another way to solve this problem would be for the world to move to a hard money standard and stop using America’s shitcoin, and give Trump the trade surpluses he thinks he wants.”

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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Learn MoreTrump tariffs reignite idea that Bitcoin could outlast US dollar

Former NBA star Shaquille O’Neal has been granted final court approval to settle a class-action lawsuit for $11 million with Astrals non-fungible token (NFT) buyers.

Florida federal court judge Federico Moreno granted approval of the settlement between O’Neal and the class group led by Daniel Harper in an April 1 order made available on April 8.

The deal created a fund of up to $11 million for eligible class members and awarded $2.9 million in attorney fees and costs. All those who purchased Astrals NFTs from May 2022 to Jan. 15 and those who purchased the project’s native GLXY tokens up until mid-January are eligible. 

“The fee sought by lead class counsel has been reviewed and approved as fair and reasonable by plaintiffs,” Moreno’s order read.

O’Neal was hit with the lawsuit in May 2023 over his founding and promotion of the Solana-based Astrals NFT project, which the suit claimed was an “offer and sale of unregistered securities.”

The class group said they bought Astrals NFTs and “suffered investment losses” due to O’Neal’s “conduct” in promoting the project.

In August, Judge Moreno recognized that the class suit had alleged that the former NBA player was a seller of the NFTs. O’Neal agreed to the settlement in November.

NFT sales slump

The Astrals NFT collection consisted of 10,000 unique 3D digital collectibles created in April 2022 by the artist Damien Guimoneau in a Solana-based project that promoted a virtual world where users could socialize and play with others, including the basketball star. 

Related: NFT sales plunge 63% in Q1, but Pudgy Penguins, Doodles buck trend 

There has been no activity or sales from the collection for the past two years, according to NFT marketplace OpenSea. 

Overall, NFT sales are still in deep bear market territory, with just $27 million sold as of April 7, down from more than $2 billion per week at the end of 2021, according to CryptoSlam.

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Learn MoreShaquille O’Neal gets judge’s greenlight for $11M Astrals NFT settlement

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