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Argentina’s President Javier Milei Faces Impeachment Threat Over Cryptocurrency Controversy

6 days ago 28

Argentine President Javier Milei is facing calls for impeachment after he promoted a little-known cryptocurrency that surged in value before crashing within hours, opposition lawmakers said on Saturday. 

Milei had posted on X late Friday endorsing the cryptocurrency $LIBRA, causing its price to spike to nearly $5 apiece. However, just hours later, the digital token plummeted to under $1, sparking accusations of financial misconduct. 

The Argentine Fintech Chamber acknowledged concerns that the incident could be a potential “rug pull,” a type of fraud in which cryptocurrency developers artificially inflate a token’s value before dumping their holdings, leaving investors at a loss. 

“This scandal, which embarrasses us on an international scale, requires us to launch an impeachment request against the president,” said opposition lawmaker Leandro Santoro, a member of the opposition coalition. 

Milei later deleted his post on X, with local media reporting that it had remained online for several hours on Friday night. Defending his actions, the president stated that he had no connection to the cryptocurrency and removed the post upon learning more details.

“I was not aware of the details of the project, and once I found out, I decided to not continue giving it publicity,” Milei said. 

Boluwatife Enome

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