Calls for Argentina President Impeachment Over Crypto Crash

Javier Milei, the president of Argentina, is being accused of fraud for promoting cryptocurrencies on social media and is being threatened with impeachment.

On Friday, Milei wrote about the $LIBRA coin on X, formerly Twitter, claiming that it will assist in funding start-ups and small enterprises.

Its price skyrocketed once he provided a link to purchase it. However, he removed his article within a few hours, and the cryptocurrency’s value plummeted, costing investors the majority of their money.

Congressmen from the opposition said they intend to begin the process of impeaching Milei. On Sunday, attorneys submitted fraud allegations to Argentina’s criminal court.

Online users have accused Milei of engaging in a practice known as a “rug pull,” in which cryptocurrency advocates entice customers only to halt trading and embezzle the proceeds from transactions. They noted that a term the president uses in his talks was cited in the website used to purchase the coins.

However, Argentina’s presidential office stated on Saturday that the tweet was taken down in order to prevent “speculation” in the wake of the cryptocurrency’s introduction.

It said that Milei had nothing to do with the creation of the cryptocurrency and that the government’s Anti-Corruption Office would look into the matter to see if anyone, including the president, had engaged in improper behavior.

One of the plaintiffs in the case, Jonatan Baldiviezo, told the Associated Press that “the president’s actions were essential in the crime of fraud that was committed.”

Political rivals of Milei have seized the chance.

The now-opposition former president Cristina Fernández de Kirchner was harshly critical of him, labeling him a “crypto scammer” in a post that had 6.4 million views.

Calling it a “unprecedented scandal,” the nation’s biggest opposition alliance announced that it would submit a proposal to impeach the president.

In a post on X, opposition Socialist Party member Esteban Paulón stated that he will likewise ask for the impeachment process to begin.