Argentine President Javier Milei is facing calls for impeachment and legal action after promoting cryptocurrency on social media, with accusations of fraud. On Friday, Milei posted about the $LIBRA coin on X (formerly Twitter), claiming it would support small businesses and start-ups. He included a link to buy the coin, which led to a surge in its value. However, just hours later, Milei deleted the post, causing the cryptocurrency’s value to plummet and leaving investors with significant losses.
Opposition members in Congress are considering impeachment proceedings, and legal complaints were filed in Argentina’s criminal court on Sunday, accusing Milei of fraud. Some have even suggested the president orchestrated a “rug pull,” where promoters draw in investors and then abandon the project with the raised funds. Critics noted that the link to buy the coin contained a phrase often used by Milei in his speeches.
In response, the presidential office stated that the post was removed to prevent “speculation” following public backlash. It clarified that Milei was not involved in the coin’s creation, and the Anti-Corruption Office would investigate whether anyone, including the president, acted improperly.
Jonatan Baldiviezo, one of the plaintiffs, told the Associated Press, “the crime of fraud was committed, in which the president’s actions were essential.”
Milei’s political rivals have seized the opportunity. Former President Cristina Fernández de Kirchner, now in opposition, criticized him, calling him a “crypto scammer” in a post that was viewed 6.4 million times. Meanwhile, the main opposition coalition announced plans to file for impeachment, labeling the situation an “unprecedented scandal.” Esteban Paulón, from the opposition Socialist Party, also pledged to push for impeachment proceedings.
