Facepalm: You don't often hear an elected head of a country promoting a cryptocurrency, much less a memecoin, but that's exactly what Argentine President Javier Milei has done and you can imagine how it turned out. Merely hours after he endorsed $LIBRA, it crashed 95% from its peak, leading to angry investors and even legal action. The saga began when Milei, known for his crypto-friendly stance, took to social media to promote $LIBRA, touting it as a project dedicated to encouraging the growth of the Argentine economy by funding small local businesses. His post on X acted as a catalyst, propelling the token's market capitalization to a staggering $4.5 billion peak.However, the euphoria was short-lived. Within hours of Milei's endorsement, a group of eight wallets linked to the $LIBRA team cashed out a whopping $107 million, according to blockchain analytics firm Lookonchain. This triggered a catastrophic 95% crash in the token's market cap, plummeting its value to just $232 million.As the dust settled, accusations of an insider "rug pull" began to swirl. A rug pull is a scheme where developers cash out after artificially inflating a token's value. The result wasn't all that surprising considering an analytics firm called Bubblemaps had earlier warned that a staggering 83% of $LIBRA's supply was concentrated in a handful of wallets.In the face of the backlash, Milei swiftly deleted his endorsement post and distanced himself from the project, denying any connection to it. His subsequent post clarifying his role is quite something:"I was not aware of the details of the project and after having become aware of it I decided not to continue spreading the word (that is why I deleted the tweet). To the filthy rats of the political caste who want to take advantage of this situation to do harm, I want to say that every day they confirm how vile politicians are, and they increase our conviction to kick them in the ass," he wrote in Spanish. // Related StoriesThe exchange that verified the token, Jupiter, also sought to absolve itself of any wrongdoing. Kash Dhanda from the exchange asserted that Jupiter was not involved in the launch, deployment, or market making of $LIBRA.At the same time, Julian Peh, the CEO of KIP Protocol a Web3 firm associated with the project vehemently denied allegations of a rug pull. Peh claimed that KIP Protocol's involvement was limited to allocating capital to Argentine companies, not as the token issuer or trading entity.Things took a turn for the worse for President Milei when a group of Argentine lawyers escalated the matter by filing fraud charges. Jonatan Baldiviezo, one of the plaintiffs, accused Milei of being part of an "illicit association to commit an indeterminate number of frauds" in a statement to the AP. The case is expected to be assigned to a judge or referred to a prosecutor for further investigation.