Argentine President Javier Milei is under fire for allegedly misleading investors with a recent cryptocurrency promotion, leading to significant losses and calls for his impeachment.
Impeachment Threat Looms Over Argentina’s President Amid Crypto Debacle
Impeachment Threat Looms Over Argentina’s President Amid Crypto Debacle
President Javier Milei faces mounting pressure for impeachment and legal actions following a controversial cryptocurrency promotion.
Argentina's President Javier Milei is facing intense scrutiny and calls for impeachment after his involvement in the promotion of a cryptocurrency referred to as $LIBRA coin on social media. On Friday, Milei tweeted about the digital currency, claiming it had the potential to support small businesses and startups. His endorsement led to a rapid increase in the coin's value, only for it to plummet just hours later once he deleted his post, causing substantial financial losses for investors.
In the wake of these events, some members of Congress from the opposing party are gearing up to initiate impeachment proceedings against Milei. Legal complaints of fraud were filed against him in Argentina's criminal court on Sunday, as aggrieved investors alleged malpractice. Critics online accused the president of orchestrating a "rug pull," a tactic where cryptocurrency promoters entice buyers and subsequently withdraw all trading activity.
Argentina’s presidential office stated the removal of the post was a precautionary measure to quell speculation following public backlash. They maintained that Milei was not involved in the coin's creation, and announced that the Anti-Corruption Office would investigate the matter further.
One individual leading the legal charge, Jonatan Baldiviezo, emphasized that the president's actions were central to the alleged fraud. Political opponents have seized the moment, with former President Cristina Fernández de Kirchner labeling Milei a "crypto scammer" across social media platforms, where her statements garnered immense attention.
As the incident unfolds, the primary opposition coalition is preparing to file formal impeachment requests, categorizing the president’s actions as an “unprecedented scandal.” Esteban Paulón, from the opposition Socialist Party, echoed these sentiments, signaling a potential political crisis for Milei’s presidency.
