Argentine President Javier Milei could face impeachment proceedings in Congress, opposition lawmakers said on Saturday, after the libertarian leader touted a cryptocurrency that crashed shortly thereafter.
Milei posted on X late on Friday, recommending the little-known cryptocurrency $LIBRA, which quickly rose to nearly $5 per coin.
Just hours later, the cryptocurrency fell to below $1.
Argentina’s fintech chamber acknowledged that the case could be a “rug pull,” in which the developers of a crypto token attract legitimate investments, increasing its value, only to later sell their stake.
“This scandal, which embarrasses us on an international scale, requires us to file an impeachment request against the president,” said opposition coalition lawmaker Leandro Santoro.
Milei deleted the post on X after local media reported it had been up for a few hours on Friday night. He later stated that he removed his post after becoming aware of the situation and that he had no connection to the cryptocurrency.
“I was not aware of the details of the project and once I found out, I decided to not continue giving it publicity,” according to him.
