Argentina’s President Javier Milei Faces Impeachment Calls Over Crypto Scandal

 

               Javier Milei, Pres. Argentina


In February 2025, Argentine President Javier Milei found himself at the center of a burgeoning scandal dubbed "Cryptogate." The controversy erupted after Milei promoted a new cryptocurrency called $LIBRA on his social media platforms, leading to significant financial losses for investors and sparking calls for his impeachment.

The $LIBRA token experienced a meteoric rise in value, surging from nearly zero to $5, before abruptly crashing to less than $1. This dramatic fluctuation raised suspicions of a "rug pull" scam—a scheme where the creators of a cryptocurrency abruptly withdraw their funds, leaving investors with worthless assets. In the aftermath, Milei deleted his promotional posts and claimed ignorance about the project's specifics, stating that he intended merely to support Argentine initiatives. 

The fallout was swift and severe. Over 40,000 investors reported substantial losses, leading to a federal investigation into potential fraud and dereliction of duty by the president. Opposition figures, including former President Cristina Fernández de Kirchner, demanded Milei's impeachment, criticizing his reckless endorsement of an unvetted financial product. 

In a televised interview, Milei attempted to distance himself from the debacle, asserting that he merely "shared" information about $LIBRA rather than officially promoting it. However, during the interview, his advisor, Santiago Caputo, intervened abruptly, preventing Milei from making potentially incriminating statements—a moment that further fueled public suspicion and media scrutiny. 

The scandal's repercussions extended beyond individual investors. Argentina's main stock index, the S&P Merval, experienced a nearly 4% drop amid the turmoil, reflecting broader concerns about the nation's economic stability and leadership. 


While legal experts debate the likelihood of a successful impeachment—given the need for a two-thirds congressional majority—the incident has undeniably tarnished Milei's reputation. As Argentina grapples with ongoing economic challenges, this episode underscores the profound impact that high-level endorsements can have on financial markets and public trust.

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