Argentina’s President Milei Faces Impeachment Threat Over Crypto Scandal (Source: Reuters)
Argentine President Javier Milei is in hot water after promoting a cryptocurrency called $LIBRA, which crashed shortly after his endorsement. Opposition lawmakers are now calling for an impeachment trial, saying the scandal has embarrassed Argentina on the global stage .
On Friday night, Milei posted on social media platform X, recommending $LIBRA as a way to boost Argentina’s economy and support small businesses. The coin’s value shot up to nearly $5 after his post, but within hours, it crashed to less than $1, leaving many investors with heavy losses .
Argentina’s fintech chamber suspects this could be a “rug pull” scam, where developers attract investors, pump up the value of a cryptocurrency, and then cash out, leaving others with worthless tokens. This has sparked outrage, with opposition lawmaker Leandro Santoro calling the situation “a scandal without precedent” and demanding impeachment proceedings against Milei .
Milei quickly deleted his post, saying he didn’t know the full details of the project and decided to stop promoting it once he learned more. He also claimed he had no connection to the cryptocurrency or its developers. However, critics argue that his actions misled the public and caused financial harm to many Argentines .
This incident has drawn comparisons to former U.S. President Donald Trump, who recently launched his own cryptocurrency, $Trump, which also saw a surge and crash. Critics say Milei’s actions reflect a lack of due diligence and highlight the risks of promoting unverified financial projects .
The fallout from this scandal is significant. Not only has it damaged Milei’s credibility, but it has also raised concerns about the risks of cryptocurrency investments.
As the investigation unfolds, many are watching to see if Milei will face serious consequences for his role in this controversial episode .
Stay tuned for more updates on this developing story, and don’t forget to check out the full details from Reuters, the trusted source of this report.
(Source: Reuters and other cited articles)