Impeachment Calls Emerge for Argentina President Amid Crypto Crash

HIGHLIGHTS:

• Argentine President Javier Milei is under fire for promoting the $LIBRA coin on social media, leading to significant investor losses.
• Opposition lawmakers are pushing for impeachment proceedings, while fraud complaints have been filed against Milei in Argentina's criminal court.
• Critics, including former President Cristina Fernández de Kirchner, accuse Milei of a crypto scam, with investigations now underway.

Argentine President Javier Milei is facing impeachment demands and legal action for fraud following his promotion of cryptocurrency on social media.

On Friday, Milei posted on X (formerly Twitter) about the $LIBRA coin, claiming it would help support small businesses and startups. He also shared a link to purchase the coin, which caused its value to surge. However, just hours later, he deleted the post, and the cryptocurrency’s value plummeted, resulting in significant losses for investors.

Opposition lawmakers are now considering impeachment proceedings, while lawyers have filed fraud complaints in Argentina's criminal court.

Some online critics have accused Milei of orchestrating a "rug pull," a scam where cryptocurrency promoters lure in buyers only to halt trading and pocket the proceeds. They noted that the link to purchase the coins contained a phrase commonly used by the president in his speeches.

However, Argentina's presidential office clarified on Saturday that the post was removed to prevent "speculation" after the public's reaction to the cryptocurrency's launch. It also stated that Milei was not involved in the coin's creation and that the government's Anti-Corruption Office would investigate to determine if anyone, including the president, acted improperly.

Jonatan Baldiviezo, one of the plaintiffs who initiated the legal action, told the Associated Press that a "fraud crime" had been committed, with the president's actions being crucial to the offense.

Milei’s political rivals have seized on the situation.

Former President Cristina Fernández de Kirchner, now in opposition, strongly criticized him, labeling him a "crypto scammer" in a post that reached 6.4 million views.

The country’s main opposition coalition has announced plans to file for the president’s impeachment, calling the incident an "unprecedented scandal."

Esteban Paulon, a member of the opposition Socialist Party, also took to X, stating he would push for impeachment proceedings to begin.