Argentine President Milei Faces Impeachment Threat Over Cryptocurrency Controversy

A social media post by Argentine President Javier Milei endorsing a cryptocurrency has sparked controversy, backlash, and impeachment threats

Argentine President Javier Milei is under fire and facing impeachment threats after promoting a cryptocurrency in a social media post, which later crashed.

Milei posted on X endorsing the little-known crypto coin $LIBRA, causing its value to surge to nearly $5 per token. However, just hours later, the cryptocurrency plummeted to below $1.

Argentina’s fintech chamber has acknowledged that the case could potentially be a "rug pull," a scheme in which developers inflate a token’s value through legitimate investments before selling off their holdings and causing its collapse.

Opposition lawmakers have announced plans to file an impeachment request against the president.

Milei deleted the post after a few hours, claiming he was unaware of the circumstances and had no connection to the cryptocurrency.

Argentina’s Presidential Office has announced the creation of a task force to investigate the launch of $LIBRA and the companies and individuals involved in its operation.

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