Argentine President Javier Milei is facing heavy criticism after promoting a cryptocurrency that quickly lost almost all its value. Now, opposition leaders want him impeached, saying he carelessly backed a risky investment. On Friday night, Milei posted on X about $LIBRA, an obscure crypto token. Almost immediately, its price shot up, reaching nearly $5.
But just hours later, it collapsed to below $1, fueling speculation of a rug pull, a scam where developers artificially pump up a coin’s value before dumping it for profit. Opposition lawmaker Leandro Santoro didn’t hold back, calling the situation a national embarrassment and saying it warranted impeachment. Argentina’s fintech chamber also raised concerns, suggesting it could be part of a wider scam.
Milei deleted his post almost immediately and sought to distance himself, saying he hadn’t known the specifics of the project and ceased promoting it once he understood what was happening. But the damage was done. Now critics are asking why the head of a nation hobbled by economic upheaval would facilely endorse the unproven cryptocurrency.
