Argentine President Javier Milei is facing calls for impeachment and legal action alleging fraud after promoting a cryptocurrency on social media. The controversy revolves around Milei’s actions on Friday, when he shared a post on X, formerly Twitter, about the $LIBRA coin, claiming it would support small businesses and start-ups.
The post included a link to purchase the cryptocurrency, which led to an immediate surge in its price. However, within hours, Milei deleted the post, causing the cryptocurrency’s value to plummet, resulting in significant financial losses for investors. This has sparked outrage and accusations of market manipulation.
Opposition members of Congress are reportedly planning to initiate impeachment proceedings against Milei as a result of the incident. Additionally, lawyers have filed complaints of fraud in Argentina’s criminal court, adding further pressure on the president.
Critics online have suggested that the situation resembles a “rug pull,” a practice where cryptocurrency promoters attract buyers before ceasing trading activity and absconding with the funds. The specific link shared by Milei, which contained a phrase commonly used in his speeches, has been cited as evidence. However, Argentina’s presidential office issued a statement on Saturday explaining that the post was removed to prevent further “speculation” in response to public reactions to the cryptocurrency launch.
The office also asserted that Milei was not involved in the cryptocurrency’s development and announced that the government’s Anti-Corruption Office would conduct an investigation to determine if any misconduct occurred, including potentially involving the president himself.
Jonatan Baldiviezo, a plaintiff in the legal action, told the Associated Press that, according to the claims, “the crime of fraud was committed, in which the president’s actions were essential.”
Milei’s political opponents have been quick to capitalize on the situation. Former President Cristina Fernández de Kirchner, now in opposition, strongly criticized Milei, describing him as a “crypto scammer” in a widely viewed post. The country’s main opposition coalition has also declared its intention to file a request for the president’s impeachment, referring to the situation as an “unprecedented scandal.”
Esteban Paulón, a member of the opposition Socialist Party, has also indicated on X that he will request the start of impeachment proceedings.
