The #MileiMemeCoinControversy centers on Argentine President Javier Milei's promotion of the cryptocurrency LIBRA. On February 14, 2025, Milei endorsed LIBRA on social media, leading to a significant surge in its value. However, the coin's value plummeted shortly after, resulting in substantial losses for investors.

The incident has sparked widespread criticism and legal actions. Opposition politicians have called for Milei's impeachment, accusing him of fraud and abuse of power. A federal judge has been assigned to investigate the matter, with potential charges including "association ilícita" (illegal association) and "estafa" (fraud).

Milei has defended his actions, stating that he did not participate in the coin's development and that promoting it was a mistake. He emphasized that most traders were Americans and that only a few Argentinians lost money in the scandal.

The controversy has also impacted Argentina's financial markets, with the S&P Merval index experiencing a nearly 4% decline following the incident.

This situation highlights the risks associated with politically endorsed cryptocurrencies and underscores the need for regulatory oversight in the crypto market.