Argentine President, Javier Milei, is facing growing calls for impeachment and legal action over allegations of fraud linked to his promotion of cryptocurrency on social media.
On Friday, Milei took to X to endorse the $LIBRA coin, claiming it would support small businesses and start-ups.
He even shared a link for purchasing the digital currency, prompting a rapid surge in its value.
However, within hours, the president deleted his post, triggering a sharp decline that left investors with significant losses.
Now, some members of Congress are preparing to initiate impeachment proceedings, while lawyers have lodged fraud complaints in Argentina’s criminal court.
Critics online have accused Milei of orchestrating a “rug pull”—a deceptive scheme where promoters drive up interest in a cryptocurrency before abruptly halting trading and profiting from the collapse.
Observers also noted that the purchase link contained a phrase frequently used by the president in his speeches.
Responding to the controversy, Argentina’s presidential office stated on Saturday that the post was removed to prevent “speculation” following the public’s reaction.
Officials insisted Milei had no role in the cryptocurrency’s creation and pledged that the government’s Anti-Corruption Office would investigate whether any misconduct occurred, including by the president himself.
One of the plaintiffs in the legal case, Jonatan Baldiviezo, told the Associated Press that “the crime of fraud was committed, in which the president’s actions were essential.”
Political rivals have seized on the scandal. Former President Cristina Fernández de Kirchner condemned Milei in a post that amassed 6.4 million views, labeling him a “crypto scammer.” Meanwhile, the country’s main opposition coalition has vowed to push for impeachment, calling the situation an “unprecedented scandal.”
Esteban Paulón of the Socialist Party also announced plans to formally request impeachment proceedings, further intensifying the political turmoil surrounding Milei.
