Argentine President Javier Milei is under fire after endorsing the little-known cryptocurrency $LIBRA. The cryptocurrency surged in value before crashing, causing massive losses. Opposition leaders have accused Milei of promoting the scam and called for his impeachment, though the presidency denies wrongdoing.
The controversy began when Milei posted on X, praising the crypto project as beneficial to Argentina’s economy. Hours later, he deleted the post, claiming he was unaware of the project’s backers. The coin was allegedly launched by the same people behind the $MELANIA meme-coin and made the founders over $100 million before the rug pull, leaving ordinary investors short once again.
The presidency has since launched an investigation involving the Anti-Corruption Office, while the opposition coalition Union for the Homeland is pushing for impeachment. Milei’s allies, including Security Minister Patricia Bullrich, have dismissed the accusations as political attacks.
The National Securities Commission has yet to announce whether it will take action. One thing is certain, these scams do nothing to cement the legitimacy of the crypto market.