President Javier Milei of Argentina Could Be Impeached Due to Cryptocurrency Scandal

Javier Milei, the president of Argentina, is being called for impeachment for his role in pushing the cryptocurrency $LIBRA, which experienced a brief spike before plummeting.

Opposition parliamentarians called for the impeachment of Argentine President Javier Milei on Saturday after he pushed a little-known cryptocurrency that saw a sharp increase in value before plummeting within hours.

Late Friday, Milei made a post on X promoting the cryptocurrency $LIBRA, which caused its price to soar to about $5 per share. A few hours later, though, the digital token fell to less than $1, leading to charges of financial wrongdoing.

The Argentine Fintech Chamber expressed worries that the event might be a possible “rug pull,” a fraud scheme where cryptocurrency producers exaggerate the value of their holdings before selling them, leaving investors with a loss.

Opposition congressman Leandro Santoro, a member of the opposition alliance, stated, “We must file an impeachment request against the president due to this scandal, which embarrasses us on an international scale.”

After Milei removed his post on X, local media reported that it had been up for hours on Friday night. According to the president, who was defending his conduct, he had nothing to do with the cryptocurrency and took down the tweet after finding out more information.

When Milei learned about the project’s specifics, she remarked, “I decided not to continue giving it publicity.”