BUENOS AIRES: Argentine President Javier Milei may face an impeachment trial in Congress, according to remarks made by opposition lawmakers on Saturday. This comes after the president publicly endorsed a cryptocurrency that saw a dramatic crash shortly after his promotion.
On Friday night, Milei shared a post on X recommending a lesser-known cryptocurrency called $LIBRE. Initially, the coin’s price surged to nearly $5, but it quickly fell to below $1 just hours later.
The fintech chamber in Argentina raised concerns that this situation could be a “rug pull,” a scam where developers attract investors, inflate the token’s value, and then abandon it, leaving investors with worthless assets.
Opposition lawmaker Leandro Santoro, part of the opposition coalition, stated, “This scandal, which is embarrassing for us internationally, necessitates an impeachment request against the president.”
In a related development, Congress is set to hold a special session focused on economic reforms.
Following the backlash, Milei deleted his post. He later explained that he removed it upon realizing the events surrounding the cryptocurrency and insisted he had no connection to it. “I was not aware of the details of the project, and once I found out, I decided not to continue promoting it,” he clarified.
