Tue Feb 18 14:47:17 UTC 2025: ## Argentinian President Faces Impeachment Calls After Cryptocurrency Crash

**BUENOS AIRES** – Argentinian President Javier Milei is facing calls for impeachment following the dramatic collapse of the $Libra cryptocurrency, which he publicly endorsed just days before its plunge. The incident, described by some as a “rug pull” scam, has sparked a political firestorm and raised serious questions about the president’s conduct.

On Friday, Milei promoted the little-known $Libra token on X (formerly Twitter), claiming it was designed to boost Argentina’s economy. His post linked to the token’s purchase website, and the coin’s value rapidly increased from near zero to almost $5 before plummeting to less than $1. This dramatic price swing has led to significant losses for investors.

Argentina’s fintech chamber alleges the event constitutes a “rug pull,” a common cryptocurrency scam where the value is artificially inflated before insiders sell their holdings, leaving investors with worthless tokens. Economists and crypto specialists have also raised concerns about potential fraud or a Ponzi scheme.

Hours after his initial post, Milei deleted it, claiming unfamiliarity with the project’s details. However, this explanation has failed to quell the outrage. A group of lawyers filed fraud complaints against the president on Sunday, accusing him of involvement in a “mega-scam.” Opposition lawmakers have formally called for his impeachment, citing the international embarrassment caused by the incident.

Criticism has come from various political figures, including former President Cristina Fernández de Kirchner, who accused Milei of exploiting his presidential office to inflate the token’s value. International condemnation has also emerged, with Mexican President Claudia Sheinbaum expressing concern.

Milei has responded by blaming his political opponents, accusing them of attempting to exploit the situation. The presidential office insists Milei was uninvolved in the cryptocurrency’s development and initiated an internal investigation. However, political analysts warn that the incident could severely damage his credibility, particularly ahead of midterm elections and his stated commitment to economic recovery and anti-corruption measures. The incident is reminiscent of the recent launch and subsequent crash of the $Trump memecoin in the United States. The use of cryptocurrencies in Argentina has surged in recent years as citizens seek alternatives to a struggling traditional banking system. The fallout from the $Libra crash will likely have lasting political and economic repercussions.

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