Crypto scandal could lead to impeachment proceedings for Argentina President Javier Milei

Argentine President Javier Milei is facing potential impeachment after promoting a cryptocurrency, $LIBRA, on social media that quickly crashed in value. The little-known crypto coin, recommended by Milei, surged to nearly $5 per coin before plummeting to under $1. The country’s fintech chamber acknowledged the possibility of a “rug pull,” where developers pump up the value of a token only to dump their stake later. Opposition lawmakers are calling for Milei’s impeachment, with lawmaker Leandro Santoro stating that the scandal has embarrassed Argentina on an international scale. Milei removed the post after realizing the situation and claimed he had no involvement with the cryptocurrency, saying he was not aware of the details of the project. The incident has prompted concerns about the president’s judgment and ethics, leading to calls for a congressional impeachment trial. The situation highlights the risks associated with promoting and investing in volatile cryptocurrencies, as well as the potential consequences for public figures who endorse them without full knowledge of the circumstances.