Argentine President Javier Milei is under fire after allegedly promoting a cryptocurrency scam, sparking legal complaints and impeachment threats.
Milei took to X (formerly Twitter) on Friday to endorse the $LIBRA coin, calling it a tool for supporting small businesses and startups. His endorsement sent the coin’s value soaring, but after he deleted the post hours later, the price plummeted, causing heavy investor losses.
Opposition lawmakers have since announced plans to initiate impeachment proceedings, while lawyers filed fraud complaints in Argentina’s criminal court on Sunday. Critics accuse Milei of orchestrating a “rug pull” scam—artificially inflating a coin’s value before abandoning it—pointing out that the purchasing link he shared included a phrase frequently used in his speeches.
The presidential office defended Milei, claiming the post was removed to prevent “speculation” and insisting he had no direct involvement in the cryptocurrency’s creation. The government’s Anti-Corruption Office has launched an investigation into the matter.
Among Milei’s harshest critics is former President Cristina Fernández de Kirchner, who called him a “crypto scammer” in a viral post with over 6.4 million views. The country’s main opposition coalition has vowed to file an impeachment request, branding the situation an “unprecedented scandal.”
As political pressure mounts, opposition Socialist Party member Esteban Paulón has also called for impeachment, escalating the crisis surrounding Milei’s administration.
