President Javier Milei of Argentina is facing legal action following the collapse of the Libra token, with accusations of fraud after a sudden loss of value, according to the Associated Press.

The legal complaint claims that Milei’s decision to delete social media posts endorsing the token contributed to its downfall, alleging that the withdrawal of support amounted to a “rug pull” for investors. However, Milei’s office has denied any knowledge of the project’s inner workings and maintains that the president only shared the token’s launch in line with his routine promotion of Argentine ventures aimed at job creation and investment.

“The President’s post was a standard gesture of support for an Argentine project,” said a spokesperson for Milei’s office, noting that the president had met with the KIP Protocol team but was not involved in its development.

While Milei has not been officially charged, prosecutors are scheduled to meet on Monday to determine whether the case warrants further legal action. Additionally, blockchain experts have found similarities between Libra’s team and those behind the Melania token, based on shared wallet activity.