Argentine President Javier Milei Faces Impeachment Calls Amid Cryptocurrency Scandal
Argentine President Javier Milei is under increasing pressure following his endorsement of a cryptocurrency, the $LIBRA coin, which led to significant financial losses for investors. The controversy has sparked calls for impeachment and legal action against the president.
Milei promoted the coin on X (formerly Twitter) last Friday, touting it as a tool to support small businesses and start-ups. His endorsement caused the coin’s value to skyrocket, but just hours later, after he deleted the post, its price crashed, leaving investors with substantial losses.
In response to the fallout, members of Argentina’s opposition have announced plans to initiate impeachment proceedings. Lawyers filed fraud complaints on Sunday, accusing Milei of being involved in a “rug pull” a fraudulent scheme where promoters artificially inflate a cryptocurrency’s value before abandoning it, leaving investors with worthless assets. Critics pointed out that the purchase link Milei shared included a phrase commonly used in his speeches, raising further suspicions about his role in the promotion.
The presidential office defended Milei, claiming that the post was removed to prevent “speculation” and that the president was not directly involved in the creation of the cryptocurrency. In addition, the government’s Anti-Corruption Office has been tasked with investigating potential wrongdoing, including any actions by Milei himself.
Former President Cristina Fernández de Kirchner has joined the chorus of condemnation, branding Milei a “crypto scammer” in a post that has amassed over 6.4 million views. The main opposition coalition has labeled the incident an “unprecedented scandal” and pledged to move forward with impeachment proceedings.
The political crisis surrounding Milei has deepened, with Esteban Paulón, a member of the opposition Socialist Party, also supporting the calls for impeachment. As the situation escalates, Milei’s administration faces mounting scrutiny over the controversial cryptocurrency endorsement.
