Argentine President Javier Milei is under pressure as lawmakers are pushing for his impeachment and legal action is taken against him over a cryptocurrency scandal.
The controversy began when Milei promoted the $LIBRA coin on X (formerly Twitter), stating it would support small businesses and startups.
He also shared a link to purchase the digital currency.
The coin’s value quickly surged but collapsed hours later after Milei deleted his post, leaving investors with major losses.
Following the incident, some members of Congress announced plans to initiate impeachment proceedings.
At the same time, legal complaints of fraud were filed in Argentina’s criminal court.
Critics accused Milei of a “rug pull,” a scheme where crypto promoters attract buyers before withdrawing support, causing a price crash.
They noted that the purchase link included a phrase commonly used by the president.
Argentina’s presidential office explained that Milei removed the post to prevent unnecessary speculation.
It also stated that he had no role in creating the cryptocurrency and that the government’s Anti-Corruption Office would investigate the matter.
The case has fueled political tensions, with opposition figures, including former President Cristina Fernández de Kirchner, strongly criticizing Milei.
The country’s main opposition coalition labeled the situation a serious scandal and vowed to push for impeachment.