The president of Argentina, Javier Milei, is facing impeachment calls and legal action accusing him of fraud over his promotion of cryptocurrency on social media.
Milei posted on X about the $LIBRA coin on Friday, which, according to him, would help fund small businesses and start-ups.
He shared a link to buy the cryptocurrency, causing its price to shoot up.
However, within a few hours, he deleted his post, and the cryptocurrency nosedived in value, making investors lose most of their money.
Some opposition members of Congress say they plan to start proceedings to impeach Milei.
Meanwhile, lawyers filed complaints of fraud in Argentina’s criminal court on Sunday.
Many have accused Milei of what is known as a “rug pull” – where promoters of a cryptocurrency draw in buyers, only to stop trading activity and make off with the money raised from sales. They pointed out that the link used to buy the coins referenced a phrase the president uses in his speeches.
However, Argentina’s presidential office said on Saturday that the decision to remove the post was to avoid “speculation” following public reaction to the launch of the cryptocurrency.
It stated that Milei was not involved in the cryptocurrency’s development, and that the government’s Anti-Corruption Office would investigate and determine whether anyone had acted improperly, including the president himself.
Jonatan Baldiviezo, one of the plaintiffs who filed the lawsuit, told reporters that “the crime of fraud was committed, in which the president’s actions were essential”.
Milei’s political opponents have jumped on the opportunity.
Speaking on the incident, former President Cristina Fernández de Kirchner, who is now in opposition, was heavily critical, calling him a “crypto scammer” in a post seen 6.4 million times.
On its part, the country’s main opposition coalition stated that it would file a request to impeach the president, calling it an “unprecedented scandal”.
Esteban Paulón, a member of the opposition Socialist Party, said in a statement on X that he would also request the start of impeachment proceedings.
