Argentine President Javier Milei is under intense scrutiny following his endorsement of the $LIBRA cryptocurrency, which led to significant financial losses for investors.
Milei promoted the coin on social media, claiming it would support small businesses and startups. His endorsement briefly caused a surge in the coin’s value, but after he deleted the post hours later, its price plummeted, wiping out investor funds.
Opposition leaders swiftly announced plans to initiate impeachment proceedings, accusing Milei of orchestrating a “rug pull”—a crypto scam where the value of a coin is artificially inflated before being abandoned. Legal actions have also been launched, with fraud complaints filed in the criminal court.
The presidential office defended Milei, asserting that the post was deleted to prevent speculation and that the president had no direct role in the coin’s creation. Meanwhile, the Anti-Corruption Office is investigating potential misconduct.
Critics, including former President Cristina Fernández de Kirchner, have labeled Milei a “crypto scammer,” amplifying the political crisis surrounding his administration. The main opposition coalition has vowed to press ahead with impeachment proceedings, condemning the episode as an “unprecedented scandal.”
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