# MileiMemeCoinControversy

In February 2025, Argentine President Javier Milei became embroiled in a significant controversy after promoting a cryptocurrency called $LIBRA. On February 14, Milei endorsed $LIBRA through his social media account, leading to a rapid surge in the token's value. However, the excitement was short-lived; the token's value plummeted by over 90% within hours, resulting in substantial financial losses for numerous investors.

The situation intensified when blockchain analyses revealed that wallets associated with the $LIBRA development team had withdrawn approximately $107 million before the crash, suggesting potential insider profiteering. In response to mounting criticism, President Milei deleted his initial promotional post and claimed he was unaware of the project's specifics prior to his endorsement.

The fallout from this incident has been severe. Argentina's federal judiciary has initiated an investigation into the matter, and opposition lawmakers are calling for Milei's impeachment, accusing him of ethical misconduct. The scandal has also adversely affected the country's financial markets, with the S&P Merval stock index experiencing a significant decline.

This event has sparked a broader debate about the risks associated with political figures endorsing volatile financial products like cryptocurrencies, highlighting the potential for market manipulation and the need for greater investor protection.