Argentina’s President Javier Milei has fallen into a trap: he now faces the threat of impeachment over a cryptocurrency controversy. According to opposition lawmakers in Argentina, President Milei could be impeached due to crypto-related turmoil that has damaged his public image.
The impeachment request came after the president publicly endorsed the little-known cryptocurrency $LIBRA. Notably, after his endorsement, the token's value plummeted sharply. Last week, Javier Milei encouraged people to buy $LIBRA, driving its price up to nearly $5 per coin. However, within hours, the token's value crashed back to $1.
Argentina’s fintech chamber says this incident fits the definition of a “rug pull”—a crypto scam where token creators attract legitimate investment to drive up the price, only to later sell off their holdings.
Opposition lawmaker Leandro Santoro condemned the situation, stating: "This scandal disgraces Argentina on the international stage and warrants an impeachment inquiry against the president." Many policymakers have also voiced concerns over the incident. Following the abrupt collapse of $LIBRA, President Milei deleted his post on X (formerly Twitter) that promoted the token.
Later, Milei explained that he removed the post after learning about the circumstances behind the token’s crash. However, the president firmly denied any involvement with $LIBRA, stating he had no connection to the cryptocurrency.
