Argentine President Javier Milei Faces Impeachment Calls Over Crypto Controversy

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Argentine President Javier Milei is under scrutiny as calls for impeachment emerge following the promotion of a cryptocurrency, $LIBRA, on social media. On Friday, Milei shared a post via X, formerly Twitter, claiming that the coin would support small businesses. This led to a rapid increase in its value, but the price plummeted within hours after he deleted the post. Critics accuse him of a "rug pull," a tactic where promoters withdraw funds after inflating a cryptocurrency's value.

Legal action has already been initiated, with complaints of fraud filed in Argentina's criminal court. According to Jonatan Baldiviezo, one of the plaintiffs, Milei's actions were "essential" to committing fraud. Opponents, including former President Cristina Fernández de Kirchner, have labeled him a "crypto scammer." Additionally, opposition members of Congress are organizing efforts to initiate impeachment proceedings, deeming the situation an "unprecedented scandal."

In response, Milei's office stated that the post was deleted to prevent speculation and confirmed that the president was not involved in the coin's development. The government's Anti-Corruption Office is set to investigate the matter.

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