16 February 2025
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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.