Argentine President Javier Milei is facing impeachment calls and legal action over his promotion of a cryptocurrency that plummeted in value after he deleted a social media post endorsing it.
Milei posted on X, formerly Twitter, on Friday about the $LIBRA cryptocurrency, describing it as a tool to support small businesses and start-ups. The post included a link to purchase the coin, leading to a surge in its value. However, hours later, he deleted the post, and the cryptocurrency’s value crashed, resulting in heavy losses for investors.
Some members of Argentina’s Congress announced plans to initiate impeachment proceedings, while lawyers filed fraud complaints in the country’s criminal court on Sunday.
Critics accused Milei of a “rug pull,” a term used to describe a scam in which cryptocurrency promoters encourage investments before withdrawing support and profiting from the sales. Observers noted that the link shared by Milei contained a phrase he frequently uses in speeches.
In response, the presidential office stated on Saturday that the post was removed to prevent “speculation” following the public’s reaction. Officials denied Milei’s involvement in the cryptocurrency’s creation and announced that the Anti-Corruption Office would investigate whether any misconduct occurred.
Former President Cristina Fernández de Kirchner criticized Milei over the controversy, calling him a “crypto scammer” in a widely viewed social media post. Argentina’s main opposition coalition labeled the situation an “unprecedented scandal” and confirmed plans to formally request impeachment proceedings.
The fallout from the crypto scandal has intensified scrutiny of Milei’s administration as calls for an official investigation grow.
