In a dramatic turn of events, Argentina’s President Javier Milei is facing mounting calls for impeachment amid allegations of gross mismanagement and potential corruption linked to the catastrophic collapse of the LIBRA cryptocurrency scheme. The scandal, which has wiped out an estimated $107 million in investor funds, has sparked widespread outrage and demands for accountability, plunging Milei’s administration into crisis mode and raising questions about the president’s fitness for office.
Argentine President Javier Milei is facing impeachment calls and legal action for alleged fraud following his social media promotion of cryptocurrency.
On Friday, Milei posted on X (formerly Twitter) about the $LIBRA coin, claiming it would support funding for small businesses and start-ups.
The President promoted a cryptocurrency, causing its price to surge. However, after deleting the post, the cryptocurrency’s value plummeted, resulting in significant losses for investors.
This incident has led some members of Congress to pursue impeachment proceedings against Milei, while fraud complaints have been filed in Argentina’s criminal court.
Online accusations have surfaced, claiming Milei orchestrated a “rug pull,” a scheme where cryptocurrency promoters attract investors and then abruptly cease trading, absconding with the invested funds.
These accusations highlight the link used for purchasing the cryptocurrency, which reportedly contained a phrase frequently used by the president in his speeches. However, Argentina’s presidential office stated on Saturday that the post’s removal was intended to prevent “speculation” following the public’s reaction to the cryptocurrency’s launch.
It said Milei was not involved in the cryptocurrency’s development, and that the government’s Anti-Corruption Office would investigate and determine whether anyone had acted improperly, including the president himself.
Jonatan Baldiviezo, one of the plaintiffs who filed the legal action, told Associated Press “the crime of fraud was committed, in which the president’s actions were essential”.
Milei’s political opponents have seized the moment.
Former President Cristina Fernández de Kirchner, now in opposition, sharply criticized him, labeling him a “crypto scammer” in a widely viewed post that garnered 6.4 million impressions.
Argentina’s main opposition coalition announced plans to file a request for Milei’s impeachment, calling the controversy an “unprecedented scandal.”
Meanwhile, Esteban Paulón of the opposition Socialist Party also stated on X that he would push for impeachment proceedings to begin.
The Fount 
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