Argentine President Javier Milei is facing mounting criticism and impeachment calls after endorsing a now-controversial cryptocurrency, $LIBRA, that plunged shortly after launch.
Argentine President Javier Milei is facing intense scrutiny and calls for impeachment after promoting a controversial cryptocurrency, $LIBRA, on social media.
The now-deleted Feb. 14 post linked to Project Libertad, a crypto initiative aimed at supporting Argentine businesses. The coin briefly soared from $0.22 to over $5 before crashing nearly 70% within hours, triggering accusations of a “rug pull.”
Crypto analytics firm LookOnChain reported eight wallets cashed out $107 million. Many late investors reportedly lost hundreds of thousands.
Milei has since admitted, “It’s true that in trying to help out those Argentines, I took a slap in the face,” and asked anti-corruption investigators to probe the incident.
Project developer Hayden Davis blamed Milei’s post deletion for the panic sell-off, saying, “When Milei and his team deleted their posts, investors… felt betrayed.”
Milei denied involvement in the project’s development and pledged stricter personal vetting going forward.
Opposition leaders have condemned the incident as “a scandal without precedent” and are pushing for further inquiry.