#MileiMemeCoinControversy

Argentine President Faces Crypto Scandal

Argentine President Javier Milei is embroiled in a significant controversy following his promotion of the cryptocurrency $LIBRA. On Friday evening, Milei endorsed $LIBRA on his social media, describing it as a private initiative aimed at stimulating Argentina's economy by funding local small businesses and startups. This endorsement led to a rapid surge in the token's value, with its market capitalization soaring to approximately $4.5 billion. However, the value plummeted by nearly 90% within hours, sparking allegations of a "rug pull" scheme.

In response to the backlash, Milei deleted his initial post and denied any wrongdoing, stating that he merely "spread the word" about the project and was not involved in its development. He has called for an anti-corruption investigation to determine if any misconduct occurred within his administration.

The incident has led to significant political and economic repercussions. Opposition parties are calling for Milei's impeachment, accusing him of participating in a crypto fraud and violating public ethics laws. Additionally, Argentina's main stock index, the S&P Merval, experienced a sharp decline of over 5% following the scandal.

This event highlights the volatile nature of meme coins and the potential risks associated with high-profile endorsements in the cryptocurrency market.