Milei had taken to X, formerly Twitter, on Friday to endorse the $LIBRA coin, before the coin nosedived.
Argentine President Javier Milei has been slammed over an alleged crypto scam.
He is now facing mounting calls for impeachment and legal action after the coin he promoted on Twitter crashed with investors losing heavily.
Milei took to X, formerly Twitter, on Friday to endorse the $LIBRA coin, describing it as a tool to support small businesses and start-ups.
His endorsement sent the coin’s value soaring, but after he deleted the post hours later, its price plummeted, wiping out investor funds.
Members of Argentina’s opposition have since announced plans to initiate impeachment proceedings, while lawyers filed fraud complaints in the country’s criminal court on Sunday.
Critics have accused Milei of orchestrating a “rug pull”—a scam in which cryptocurrency promoters inflate a coin’s value before abandoning it, leaving investors with heavy losses. They also noted that the purchasing link he shared contained a phrase commonly used in his speeches.
The presidential office defended Milei, stating that the post was removed to prevent “speculation” and that the president had no direct involvement in the cryptocurrency’s creation.
The government’s Anti-Corruption Office has been tasked with investigating whether any wrongdoing took place, including on Milei’s part.
Among those condemning Milei’s actions is former President Cristina Fernández de Kirchner, who labeled him a “crypto scammer” in a post that has garnered over 6.4 million views.
The country’s main opposition coalition has vowed to file an impeachment request, calling the situation an “unprecedented scandal.”
Esteban Paulón, a member of the opposition Socialist Party, has also called for impeachment proceedings, further intensifying the political crisis surrounding Milei’s administration.