#MileiMemeCoinControversy
In February 2025, Argentine President Javier Milei became embroiled in controversy following his promotion of the $LIBRA meme coin. Initially, the cryptocurrency experienced a significant surge, reaching a market capitalization of approximately $4.4 billion. However, it subsequently plummeted by over 95%, leading to substantial losses for investors.
In response to the incident, President Milei distanced himself from the project, stating that he was unaware of its details prior to his endorsement. He acknowledged the situation as a "slap in the face" and called for an investigation by the Anti-Corruption Office to determine if any improper conduct occurred.
The controversy has sparked political backlash, with opposition parties calling for impeachment proceedings against Milei, accusing him of involvement in a potential "rug pull" scheme. The incident has also raised concerns about the risks associated with politically endorsed cryptocurrencies, highlighting the need for caution and due diligence in the crypto market.
This event underscores the volatility and potential risks inherent in the cryptocurrency market, especially when political figures are involved in promoting digital assets. Investors are advised to exercise caution and conduct thorough research before engaging with such projects.
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