Argentine President Undergoes Legal Challenges and Calls for Impeachment Due to Cryptocurrency Endorsement
President Javier Milei is facing scrutiny after promoting a cryptocurrency on social media, which saw a sudden price fluctuation, leading to allegations of fraud and a political outcry.
ARGENTINA, February 18, 2025 – President Javier Milei is now facing legal challenges and impeachment requests after endorsing a cryptocurrency on social media.
On Friday, President Milei shared information about the LIBRA coin on X, previously known as Twitter, claiming that it would assist in funding small businesses and start-ups.
The post included a link for purchasing the coin, resulting in a swift surge in its price.
However, just hours later, the post was taken down, leading to a significant drop in the coin’s value and considerable losses for investors.
Opposition members of Congress have indicated plans to pursue impeachment, and legal representatives have lodged fraud complaints with Argentina’s criminal court.
Some online commentators have labeled the incident as a 'rug pull,' pointing out that the purchase link included a phrase frequently used by the president in his speeches.
On Saturday, the presidential office explained that the post was removed to prevent speculation following the public's reaction to the cryptocurrency launch.
Officials stressed that President Milei was not involved in the coin's development and that the government’s Anti-Corruption Office would look into the situation to assess whether any wrongdoing occurred, including any potential involvement by the president.
Prominent opposition figures, including former President Cristina Fernández de Kirchner, have condemned the incident, with some labeling President Milei a 'crypto scammer.' The main opposition coalition has expressed its intention to pursue impeachment proceedings, and members of opposition parties have also indicated their support for such measures.
On Friday, President Milei shared information about the LIBRA coin on X, previously known as Twitter, claiming that it would assist in funding small businesses and start-ups.
The post included a link for purchasing the coin, resulting in a swift surge in its price.
However, just hours later, the post was taken down, leading to a significant drop in the coin’s value and considerable losses for investors.
Opposition members of Congress have indicated plans to pursue impeachment, and legal representatives have lodged fraud complaints with Argentina’s criminal court.
Some online commentators have labeled the incident as a 'rug pull,' pointing out that the purchase link included a phrase frequently used by the president in his speeches.
On Saturday, the presidential office explained that the post was removed to prevent speculation following the public's reaction to the cryptocurrency launch.
Officials stressed that President Milei was not involved in the coin's development and that the government’s Anti-Corruption Office would look into the situation to assess whether any wrongdoing occurred, including any potential involvement by the president.
Prominent opposition figures, including former President Cristina Fernández de Kirchner, have condemned the incident, with some labeling President Milei a 'crypto scammer.' The main opposition coalition has expressed its intention to pursue impeachment proceedings, and members of opposition parties have also indicated their support for such measures.