Tue Feb 18 18:07:54 UTC 2025: ## Argentinian President Faces Impeachment Calls After Cryptocurrency Crash
BUENOS AIRES – Argentinian President Javier Milei is facing a wave of legal challenges and calls for his impeachment following the dramatic collapse of a cryptocurrency, $Libra, which he publicly endorsed. Over 100 complaints have been filed with the Supreme Court accusing Milei of involvement in a potential scam that allegedly caused significant financial losses for an estimated 40,000 investors.
The controversy began on February 14th when Milei touted $Libra on X (formerly Twitter), claiming it would boost Argentina’s economy. The cryptocurrency’s price briefly spiked to $4.97 before plummeting to $0.19 within hours.
Prosecutors are now investigating whether criminal charges are warranted against Milei and others. Opponents accuse him of artificially inflating the price through his endorsement before withdrawing his support, triggering a market crash. Former President Cristina Kirchner called Milei a “crypto fraudster,” while opposition politician Esteban Paulon demanded his impeachment.
Milei denies any wrongdoing, stating he had no financial stake in $Libra and was merely promoting a private initiative. He has initiated an internal investigation through the Anti-Corruption Office. However, Hayden Mark Davis, an American entrepreneur and alleged creator of $Libra, contradicts Milei’s claims. Davis alleges that Milei’s team promised continued support, which was then withdrawn, causing investor panic and the subsequent crash. Despite this, Davis, who described himself as Milei’s advisor, maintains his support for the president.
The conflicting accounts from Milei and Davis have left investors disillusioned and fueled the calls for accountability. The incident has raised serious questions about the role of public figures in promoting cryptocurrencies and the potential for market manipulation. The investigation is ongoing.