In brief
Calls for impeachment have surged against Argentine President Javier Milei, accused of fraud after promoting a cryptocurrency linked to a sharp financial loss for investors.
In a shocking turn of events, Argentine President Javier Milei finds himself under intense scrutiny, facing potential impeachment and legal action over his recent cryptocurrency promotion on social media. The controversy erupted when Milei publicly endorsed the $LIBRA coin on X, formerly Twitter, asserting it would support small businesses and startups. Following his post, the value of the cryptocurrency sky-rocketed, only to plummet hours later after Milei deleted his message, leading to significant losses for investors.Lawmakers from the opposition are mobilizing to initiate impeachment proceedings, and legal complaints alleging fraud have been lodged in Argentina's criminal court. Critics have accused Milei of orchestrating a "rug pull" - a tactic where promoters misleadingly encourage investments only to abandon the project and profit off the sales.In response to the backlash, the presidential office clarified that Milei’s decision to remove the post was aimed at curbing speculation following widespread public concern over the cryptocurrency's launch. They also indicated the involvement of the Anti-Corruption Office in investigating the situation for any unlawful conduct, possibly involving the President himself.One of the plaintiffs in the case, Jonatan Baldiviezo, stated, “The crime of fraud was committed, in which the president's actions were essential.” Former President Cristina Fernández de Kirchner criticized Milei as a "crypto scammer," with her remarks reaching an audience of 6.4 million views. The main opposition coalition plans to formally request impeachment, citing the incident as an "unprecedented scandal." Esteban Paulón from the opposition Socialist Party confirmed he would also push for impeachment proceedings against Milei.
