Argentina’s Opposition Proposes Impeachment After President Promotes LIBRA Token

Argentina's President Javier Milei faces impeachment threats after endorsing a cryptocurrency called LIBRA, aimed at supporting small businesses. The token quickly lost billions in value within hours.

  • Milei promoted LIBRA as a private initiative to fund small and medium-sized companies.
  • The token reached a market cap of approximately $4.5 billion before collapsing.
  • Insiders sold $87.4 million worth of tokens shortly after the promotion.
  • The market capitalization dropped by 90%, erasing over $4 billion.
  • The fintech chamber indicated potential "rug pull" characteristics in the LIBRA case.
  • Opposition lawmaker Leandro Santoro called for impeachment due to the scandal.