Argentine President Javier Milei is facing mounting impeachment calls and legal accusations of fraud following his promotion of a cryptocurrency on social media.
On Friday, Milei took to X (formerly Twitter) to endorse the $LIBRA coin, claiming it would support small businesses and start-ups. He even shared a link for purchasing the digital asset, triggering a surge in its value.
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However, just hours later, he deleted the post, leading to a sharp collapse in the cryptocurrency’s price, with many investors suffering significant losses.
In response, opposition lawmakers have announced plans to initiate impeachment proceedings against Milei, while a group of lawyers formally filed fraud complaints in Argentina’s criminal court on Sunday.
Critics online have accused the president of executing a classic “rug pull”—a deceptive scheme in which cryptocurrency promoters entice buyers before abruptly withdrawing support, often making off with investor funds. Observers also noted that the purchase link Milei shared contained a phrase frequently used in his speeches, further fuelling suspicions.
Despite the backlash, Argentina’s presidential office defended Milei’s actions, stating on Saturday that the post was removed to prevent “speculation” after the public’s reaction to the cryptocurrency’s launch.
Officials emphasised that Milei had no direct involvement in the development of $LIBRA and assured that the government’s Anti-Corruption Office would conduct an investigation to determine if any misconduct occurred, including by the president himself.
Jonatan Baldiviezo, one of the plaintiffs behind the fraud complaint, told the Associated Press that Milei played a crucial role in what he described as a fraudulent scheme. “The crime of fraud was committed, in which the president’s actions were essential,” Baldiviezo stated.
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Milei’s political rivals have seized on the controversy. Former President Cristina Fernández de Kirchner, a vocal opposition leader, lambasted Milei in a widely circulated post, branding him a “crypto scammer.”
Meanwhile, Argentina’s main opposition coalition declared it would formally request Milei’s impeachment, calling the situation an “unprecedented scandal.”
Esteban Paulón, a member of the opposition Socialist Party, also announced via X that he would push for impeachment proceedings, adding to the growing political firestorm engulfing Milei’s presidency.
