Argentina President Javier Milei is facing criticism and calls for impeachment after promoting a new cryptocurrency, $LIBRA, on his social media account. The coin’s price rose dramatically but quickly plummeted, resulting in significant losses for some investors. There are accusations of a “rug pull” and lack of transparency from the coin’s developers. Milei has invoked Argentina’s anti-corruption investigator to look into the matter. In a television interview, Milei admitted he likely erred in promoting the coin and acknowledged the need for better filters to prevent similar incidents in the future. Some opposition groups are calling it a scandal and pushing for impeachment, although getting enough votes for this may be challenging. Milei, known for his efforts to tackle inflation in Argentina, has also faced criticism for a rise in poverty rates in the country. He has developed a relationship with Elon Musk and was the first foreign leader to meet with President Trump after the 2024 election. The situation surrounding the promotion of $LIBRA has raised concerns about trust in meme coin investments and the impact of endorsements from public figures.
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