Argentine President Javier Milei is facing calls for his impeachment after his support of a cryptocurrency led to significant financial losses for investors. Milei posted on X (formerly Twitter) on Friday night, promoting the newly launched memecoin LIBRA. Following Milei’s recommendation, the token rose to around $5 per token before falling below $1 within hours. The sharp decline has led to allegations of a potential “rug pull,” a scheme in which developers increase the value of a token before abandoning it. Argentina’s fintech chamber acknowledged that the situation raises serious concerns. Related News: XRP at a Critical Crossroads: Which Levels Need to Be Breached to Be Bullish? Which Levels Should Be Maintained To Avoid The Bear? “This scandal, which has embarrassed us internationally, requires us to initiate an impeachment request against the president,” opposition lawmaker Leandro Santoro said. Milei later deleted his post, claiming he had no prior knowledge of the project’s details. “When I found out, I decided not to continue promoting it,” he said. Blockchain analysis revealed that at least 24 addresses lost more than $1 million on LIBRA, with the largest single investor losing $5.17 million after buying at its peak. *This is not investment advice. Continue Reading: Opposition Talks of Argentine President Javier Milei’s Impeachment After Fraudulent Memecoin Issue
