Argentine President Javier Milei is facing mounting political backlash after endorsing a cryptocurrency that rapidly lost nearly all its value. Opposition leaders are now calling for his impeachment, accusing him of recklessly backing a dubious financial venture.
On Friday night, Milei took to X (formerly Twitter) to promote $LIBRA, an obscure crypto token. Following his endorsement, the token’s value surged to nearly $5, only to plummet below $1 within hours. The sharp decline has fueled speculation of a “rug pull”—a fraudulent scheme in which developers artificially inflate an asset’s price before selling off their holdings for profit.
Opposition lawmaker Leandro Santoro strongly condemned the incident, calling it a “national embarrassment” and stating that Milei’s actions justify impeachment. Argentina’s fintech chamber also expressed concern, warning that the token’s collapse may be part of a larger scam.
In response to the controversy, Milei swiftly deleted his post and distanced himself from the project, claiming he was unaware of its specifics and stopped promoting it upon realizing the situation. However, critics argue that his endorsement raises serious questions about judgment, particularly as Argentina grapples with severe economic instability.
With political tensions escalating, the scandal has further intensified scrutiny over Milei’s leadership and his approach to economic governance.
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