Argentine President Javier Milei is facing impeachment calls and legal action over his promotion of cryptocurrency on social media, which led to significant financial losses for investors.
Milei posted on X about the $LIBRA coin on Friday, stating that it would help fund small businesses and start-ups. He also shared a link to buy the cryptocurrency, causing its price to surge. However, within hours, he deleted the post, and the coin’s value plummeted, leaving investors with substantial losses.
Legal and Political Fallout
Opposition members of Congress announced plans to initiate impeachment proceedings against Milei, while lawyers filed fraud complaints in Argentina’s criminal court on Sunday.
Online critics accused Milei of orchestrating a “rug pull”—a scheme where cryptocurrency promoters attract buyers before abruptly halting trading and profiting from the raised funds. Some pointed out that the purchase link he shared contained a phrase commonly used in his speeches.
Argentina’s presidential office responded on Saturday, stating that the post was removed to prevent “speculation” following public reaction. Officials also emphasized that Milei had no involvement in developing the cryptocurrency and that the government’s Anti-Corruption Office would investigate the matter, including Milei’s own actions.
Opposition Leaders Condemn Milei’s Actions
The controversy has provided ammunition for Milei’s political opponents. Former President Cristina Fernández de Kirchner called him a “crypto scammer” in a widely shared post, which amassed 6.4 million views.
Meanwhile, Argentina’s main opposition coalition labeled the incident an “unprecedented scandal” and announced plans to file a formal request for impeachment. Esteban Paulón, a member of the opposition Socialist Party, also stated he would seek impeachment proceedings against the president.
As legal and political battles unfold, the scandal threatens to further destabilize Milei’s presidency amid an already turbulent economic landscape.
