Argentina President Faces Impeachment Calls Over Crypto Scandal

Argentine President Javier Milei is facing growing calls for impeachment and legal action after his promotion of a cryptocurrency led to major financial losses for investors.

On Friday, Milei endorsed the $LIBRA coin in a post on X (formerly Twitter), touting it as a tool for supporting small businesses and startups. His backing initially sent the coin’s value soaring, but after he deleted the post hours later, its price collapsed, wiping out investor funds.

In response, Argentina’s opposition has announced plans to initiate impeachment proceedings, while lawyers filed fraud complaints in the country’s criminal court on Sunday. Critics accuse Milei of orchestrating a “rug pull”—a fraudulent scheme where promoters inflate a cryptocurrency’s value before abandoning it, leaving investors with heavy losses. They also pointed out that the purchasing link he shared contained a phrase frequently used in his speeches.

The presidential office defended Milei, stating that the post was removed to curb “speculation” and that he had no direct involvement in the coin’s creation. The government’s Anti-Corruption Office has launched an investigation into the matter, including Milei’s potential role.

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Among his most vocal critics is former President Cristina Fernández de Kirchner, who labeled Milei a “crypto scammer” in a widely viewed post. Argentina’s main opposition coalition has also vowed to file an impeachment request, calling the situation an “unprecedented scandal.”

Meanwhile, Esteban Paulón of the opposition Socialist Party has joined the calls for impeachment, adding further pressure to Milei’s embattled administration.

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