Argentina's President Javier Milei Faces Impeachment Threat After Promoting LIBRA Token

Argentina's President Javier Milei recently promoted the LIBRA token on social media, sparking controversy and potential impeachment. According to CoinMarketCap, the token's price plummeted 60% after developers withdrew $87 million in USDC and Solana (SOL).

Milei initially claimed the token would fund Argentina's economic growth, particularly for small businesses and startups. However, following clarification, Argentine Congress members threatened to impeach Milei, citing international embarrassment.

Congressman Leandro Santoro stated that the incident raised concerns about a potential "rug pull," where developers artificially inflate the token's value before selling their assets, leaving investors with worthless tokens.

The threat of impeachment is not unprecedented, as seen in the case of Venezuela's president, who was impeached in 1993 for misusing public funds.