Argentina’s President Javier Milei Faces Impeachment Calls After $LIBRA Collapse
Argentine opposition politicians are pursuing impeachment against President Javier Milei due to his endorsement of the cryptocurrency $LIBRA, which rapidly collapsed, resulting in significant financial losses.
$LIBRA Token Launch and Collapse
- Milei promoted $LIBRA on February 14, claiming it would aid Argentina's economy.
- The token surged from nearly $0 to almost $5 before plummeting below $1.
- The fintech chamber suggested the incident resembled a “rug pull,” where insiders sell off holdings after inflating the price.
- Experts raised concerns about potential fraud or Ponzi scheme aspects.
Legal and Political Fallout
- Milei deleted his post hours later, claiming ignorance about the project.
- The federal prosecutor’s office is considering an investigation into alleged fraud or conspiracy.
- Complaints have been filed against Milei for his involvement in the $LIBRA situation.
- Opposition lawmakers demand accountability, citing international embarrassment.
- Critics, including former presidential candidate Myriam Bregman, question who benefited from the collapse.
- Milei faced comparisons to Donald Trump's $TRUMP Coin, which also experienced a similar crash.
Milei responded to critics by labeling them as opportunists and stated that he was not involved in the token's creation. His office confirmed an anti-corruption investigation will be initiated.