Argentine President Javier Milei is facing mounting impeachment calls and legal accusations of fraud following his promotion of a cryptocurrency on social media.
On Friday, Milei posted on X (formerly Twitter) about the $LIBRA coin, describing it as a tool to support small businesses and startups. He also shared a link directing users to purchase the cryptocurrency, causing its value to surge. However, within hours, the president deleted his post, and the coin’s value plummeted, resulting in significant financial losses for investors.
Members of Argentina’s opposition in Congress have since announced their intention to initiate impeachment proceedings against Milei. Additionally, legal complaints alleging fraud were filed in Argentina’s criminal court on Sunday.
Online critics have accused the president of orchestrating a “rug pull,” a deceptive practice in which cryptocurrency promoters encourage investments before ceasing trading activity and absconding with the funds. Observers noted that the link used to purchase $LIBRA referenced a phrase frequently used in Milei’s speeches, raising concerns about his direct involvement.
In response, Argentina’s presidential office stated on Saturday that Milei deleted the post to prevent “speculation” following public reactions to the cryptocurrency’s launch. The office emphasized that Milei was not involved in the coin’s development and announced that the government’s Anti-Corruption Office would investigate the matter, including any potential misconduct by the president.
Jonatan Baldiviezo, one of the plaintiffs in the legal case, told the Associated Press that “the crime of fraud was committed, in which the president’s actions were essential.”
The controversy has provided ammunition for Milei’s political opponents. Former President Cristina Fernández de Kirchner, now a vocal critic, condemned Milei in a social media post that has been viewed over 6.4 million times, labeling him a “crypto scammer.” Meanwhile, Argentina’s main opposition coalition announced plans to file an impeachment request, describing the situation as an “unprecedented scandal.”
As legal and political pressure mounts, the coming weeks will be critical in determining the potential consequences for President Milei and his administration.
