Argentina’s President Javier Milei Faces Impeachment Threat Over Crypto Controversy
Argentine President Javier Milei is facing calls for impeachment from opposition lawmakers after promoting a little-known cryptocurrency, $LIBRA, which crashed soon after his endorsement.
Crypto Endorsement Sparks Political Backlash
On Friday night, Javier Milei posted on X (formerly Twitter) recommending $LIBRA, causing the token’s value to surge to nearly $5 per coin. However, within hours, the cryptocurrency plummeted below $1, leading to speculation of a possible “rug pull”—a scam where developers inflate a token’s value before selling off their holdings.
Argentina’s fintech chamber acknowledged concerns that the incident could fit this pattern, adding to the controversy.
Opposition Demands Impeachment Proceedings
The opposition quickly responded, with lawmaker Leandro Santoro calling the situation a “scandal that embarrasses Argentina internationally.” Santoro, a member of the opposition coalition, said the event warranted an impeachment trial against Milei.
Milei Deletes Post, Denies Involvement
Following the backlash, Milei deleted his post on X after a few hours. Local media reported that the president later distanced himself from the cryptocurrency, stating he had no connection to the project.
“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.
While it remains unclear whether the endorsement was intentional or a misstep, the incident has intensified political tensions in Argentina, where Milei’s libertarian policies and economic reforms are already under scrutiny.
With inputs from Reuters
