#MileiMemeCoinControversy

Argentine President Javier Milei is facing significant controversy after promoting the cryptocurrency $LIBRA, which experienced a rapid rise in value followed by an abrupt collapse. On February 14, 2025, Milei promoted the project on his X social media account, touting it as a private initiative aimed at financing small Argentine businesses. However, minutes after his endorsement, the market value of $LIBRA soared to US$$ 4.5 billion, only to plummet, resulting in substantial losses for investors.

The situation has led to multiple lawsuits and impeachment calls from opposition lawmakers, who accuse Milei of possible involvement in a “rug pull” scheme. In response, the president stated that he had only shared information about the project and that he had no detailed knowledge of it, pledging to cooperate with the ongoing investigations.

The scandal has also had a negative impact on Argentina's financial markets, with the S&P Merval index falling 5.6% on its first day of trading after the incident. Analysts suggest the episode could affect investor confidence and the credibility of Milei's government in future economic ventures.