Argentina’s opposition threatens to impeach President Miley after $LIBRA cryptocurrency scandal

Argentine President Javier Milei is facing impeachment after he recommended a little-known cryptocurrency, $LIBRA, on the X platform on Friday night. Its price first soared to nearly $5, then crashed to less than $1 within hours. The opposition sees the incident as a prime example of a “rug pull” scam and is pushing for impeachment proceedings to begin immediately.

Image source: www.casarosada.gob.ar

Late on Friday night, the eccentric libertarian leader Miley promoted a little-known cryptocurrency called $LIBRA on X. As Argentine media confirmed, the president’s post only lasted a few hours on X before being removed. Miley later said that he removed the post after learning the circumstances of the incident and that he had nothing to do with the cryptocurrency.

The Argentine Chamber of Fintech (Cámara Fintech de Argentina) analyzed the incident and pointed out signs of a “rug pull” scam, in which the developers of a cryptocurrency token artificially inflate the value of a digital asset to attract investment and then dump their shares, causing its price to plummet.

Opposition lawmakers, citing the facts, are pushing for impeachment proceedings, as such recommendations could seriously damage both the country’s investment climate and trust in government decisions in the financial technology sector. “This scandal, which is shaming us internationally, requires us to file a request for the impeachment of the president,” said lawmaker Leandro Santoro, a member of the opposition coalition.