Argentina’s President Faces Impeachment Calls After Endorsing Failed Cryptocurrency

Argentine President Javier Milei is under fire after promoting a cryptocurrency that crashed, leaving investors with massive losses. Opposition leaders are now pushing for his impeachment, accusing him of involvement in what many are calling a scam. With an anti-corruption probe underway, Milei’s leadership is facing one of its toughest challenges yet.

$LIBRA Token: From Promoted Asset to Financial Disaster

On February 14, Milei took to social media to promote a cryptocurrency called $LIBRA, claiming it would help small businesses and attract international investment. He even linked to a website bearing his signature phrase, “long live freedom”, urging his 3.8 million followers to consider the opportunity.

For a brief moment, it seemed like $LIBRA was taking off. Its value soared from almost nothing to nearly $5 per token. But just as quickly as it rose, it came crashing down. Within hours, the price tanked to below $1, leaving investors stranded.

The Argentine Fintech Chamber flagged the crash as a possible “rug pull”, a common crypto scam where insiders artificially pump the value before selling off their holdings, leaving buyers with worthless assets.

Accusations of Fraud and Political Fallout

Milei’s sudden deletion of his promotional post did little to calm the storm. The president later claimed he had no knowledge of the project’s details and denied formally endorsing the token. But critics aren’t buying it.

Opposition politicians argue that Milei’s massive online following gave credibility to a fraudulent investment. Some have gone as far as to suggest that the president or those close to him may have directly benefited from the token’s brief surge.

Meanwhile, the government is now dealing with:

• Public outrage from affected investors demanding compensation.
• A formal anti-corruption investigation into the president’s potential involvement.
• Growing political pressure, with calls for impeachment intensifying.

What’s Next for Milei?

Milei has already faced heavy scrutiny since taking office, but this scandal could be his most damaging yet. With Argentina’s economy in crisis, many see his crypto promotion as an irresponsible move—whether intentional or not.

Legal experts say that if evidence emerges linking Milei to financial wrongdoing, his impeachment could gain momentum. For now, the investigation continues, but one thing is certain: trust in his leadership has taken a serious hit.