Mon Feb 17 19:12:37 UTC 2025: **Argentine President Faces Impeachment Calls After Memecoin Crash**

BUENOS AIRES – Argentine President Javier Milei is facing a criminal lawsuit and calls for impeachment following the spectacular collapse of LIBRA, a Solana-based cryptocurrency he promoted. The token, initially valued at $4.5 billion, plummeted 95% over the weekend, wiping out billions in retail investor holdings.

Milei, who won the presidency last year on a free-market platform, initially touted LIBRA on his X account as a means to boost Argentina’s economy. However, this endorsement is now at the center of a major scandal, with accusations of fraud and violations of the Public Ethics Law.

Lawyer Jonatan Baldiviezo filed a criminal lawsuit, alleging fraud and claiming Milei’s actions were “essential” to the crime. Opposition leaders have echoed these calls, demanding his impeachment. Milei denies wrongdoing, stating he was unaware of the project’s details before promoting it. His office has launched an internal investigation, with the Anti-Corruption Office reviewing all related transactions.

Meanwhile, Hayden Davis, CEO of Kelsier Ventures and a key figure in LIBRA’s development, has reported receiving death threats. He claims to have not profited personally from the project but holds $100 million in remaining LIBRA funds. He is grappling with how to handle these funds, considering options such as donation to charity, partial refunds, reinvestment in the token, or holding onto them pending further guidance—guidance he says he has yet to receive from President Milei’s office. Davis also blamed the collapse partly on the President’s sudden withdrawal of support and the actions of “expert snipers”—automated traders who manipulated the token’s price.

The incident has been described by crypto insiders as a “colossal nightmare,” raising serious questions about regulatory oversight and the potential for exploitation in the cryptocurrency market. The investigation into LIBRA’s collapse and Milei’s involvement continues.

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