Argentina’s opposition threatens President Milei with impeachment after promoting and retracting support for LIBRA token.

Argentina’s libertarian president Javier Milei is facing formal impeachment threats from opposition lawmakers after he briefly promoted, then deleted, an endorsement of a cryptocurrency called $LIBRA, which subsequently crashed amid allegations of a “rug pull” fraud. The controversy centers on a post Milei made on X (formerly Twitter) recommending the LIBRA token, which triggered a rapid price spike followed by a collapse within hours, leaving investors with heavy losses and prompting accusations that the president abused his office to legitimize a highly speculative and possibly fraudulent asset. According to reporting citing Reuters, Milei’s original post pushed LIBRA’s price sharply higher—toward nearly $5—before it plummeted to under $1 in a matter of hours, a trading pattern Argentina’s fintech chamber said was consistent with a potential rug pull, in which insiders pump a token and then dump their holdings. After deleting his promotional post roughly five hours later, Milei wrote that he was “not aware of the details of the project,” characterizing himself as a technology enthusiast rather than a promoter, and later said he had previously met with KIP Protocol, the company linked to the project, as part of efforts to attract investment to Argentina’s economy. KIP Protocol publicly distanced itself from the token launch, stating that market making was handled by KelsierVentures and claiming it did not profit from the day’s trading activity. Opposition figures, including deputy Leandro Santoro, argue that Milei’s conduct amounts to an abuse of public trust and has “embarrassed” Argentina internationally, and they have announced plans to initiate impeachment proceedings in Congress based on alleged misconduct and potential complicity in an international crypto fraud. The LIBRA affair is unfolding against a backdrop of broader investigations into the token’s launch, including judicial probes and a congressional commission that has examined whether the president’s intervention provided “essential collaboration” to a suspected scam, elevating the episode from a social‑media misjudgment to what local media describe as one of the most serious political threats of Milei’s presidency.

✨ AI-generated background, compiled from web sources — not editorial content.

More coverage

• Argentina's opposition threatens President Milei with impeachment ... (x.com)
• Argentina's Milei Faces Impeachment Threat: Media (tasnimnews.ir)
• $LIBRA scandal is Milei's greatest threat - Buenos Aires Times (batimes.com.ar)
• $Libra cryptocurrency scandal - Wikipedia (en.wikipedia.org)

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