Argentina’s President Milei Faces Impeachment Over Cryptocurrncy Scandal

Argentine President Javier Milei is under fire after promoting the $LIBRA cryptocurrency on social media, leading to legal accusations of fraud and calls for impeachment.

Argentine President Javier Milei is facing intense criticism and legal challenges following his promotion of a cryptocurrency on social media.

The controversy began when Milei shared a post on X (formerly Twitter) on Friday, endorsing the $LIBRA coin as a way to support small businesses and startups. He even included a link for followers to purchase the cryptocurrency.

After his endorsement, the price of the coin surged, but the excitement was short-lived. The post was quickly deleted, and the cryptocurrency’s value dropped drastically, causing significant losses for investors. This sudden crash has led to outrage, especially among opposition members of Congress, some of whom are now calling for impeachment proceedings against Milei.

In addition, lawyers filed criminal fraud complaints against the president in Argentina’s courts on Sunday. Online critics have accused Milei of orchestrating a “rug pull” — a deceptive tactic where promoters inflate the value of a cryptocurrency before abandoning it, leaving investors with worthless assets. They also noted that the link Milei shared referenced a phrase he often uses in his speeches.

In response to the backlash, Argentina’s presidential office explained that the post was deleted to stop further speculation. The office clarified that Milei had no involvement in the creation of the cryptocurrency and that an investigation would be conducted by the Anti-Corruption Office to determine if any misconduct occurred.

Despite this, plaintiffs, including Jonatan Baldiviezo, argue that Milei’s actions played a major role in the alleged fraud. The controversy has also been seized upon by Milei’s political opponents, with former President Cristina Fernández de Kirchner calling him a “crypto scammer” in a widely shared post. The main opposition coalition has announced plans to pursue impeachment, describing the incident as an “unprecedented scandal.”

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