In brief
Allegations of fraud and a push for impeachment escalate in the wake of a crypto crash linked to the president's promotion.
Argentine President Javier Milei is under increasing pressure as calls for his impeachment intensify, alongside legal actions accusing him of fraud, following his controversial promotion of a cryptocurrency on social media. On Friday, Milei shared a post on X, formerly known as Twitter, about the $LIBRA coin, touting its potential to aid small businesses and startups, which resulted in a surge in its price. However, within a few hours, he deleted the post, and the cryptocurrency's value plummeted, causing significant financial losses for many investors.This incident has ignited outrage from opposition lawmakers, who announced intentions to initiate impeachment proceedings against Milei. In tandem, legal complaints accusing him of fraud were filed in Argentina's criminal court over the weekend. Critics accused Milei of orchestrating a "rug pull," a practice where cryptocurrency promoters attract investors only to cease trading, effectively absconding with the funds raised. Detractors have pointed out that the link for purchasing the coins referenced a term frequently used by Milei in his speeches, fueling suspicions about his involvement. In response, Milei's presidential office clarified that the post's deletion was a precaution against "speculation" following the public's reaction to the cryptocurrency's launch. They also asserted that Milei was not involved in the coin's development, with the government's Anti-Corruption Office set to investigate whether any wrongdoing occurred, potentially implicating Milei himself.One of the plaintiffs who filed the fraud complaint, Jonatan Baldiviezo, emphasized that the president's actions were pivotal to the alleged crime. The unfolding drama has attracted fierce criticism from former President Cristina Fernández de Kirchner, who labeled Milei a "crypto scammer" in a viral post reaching 6.4 million views.The main opposition coalition has labeled the situation a significant scandal and signaled plans to push forward with an impeachment request. Esteban Paulón, a member of the opposition Socialist Party, also expressed his intent to request the commencement of impeachment proceedings against the president.
