#MileiMemeCoinControversy
The Milei Memecoin ($LIBRA) controversy erupted in February 2025 when Argentine President Javier Milei promoted the cryptocurrency on social media. The token's price skyrocketed as thousands of investors rushed to buy it, believing it was linked to Milei’s economic policies. However, the coin’s value collapsed shortly after, leaving many investors with significant losses.
The scandal led to accusations of a "rug pull"—a fraudulent scheme where a crypto asset is hyped, only for its creators or insiders to withdraw funds, causing its price to crash. Reports suggest that while over 44,000 people invested, only nine individuals made approximately $87 million from the scheme.
Opposition parties have since called for Milei’s impeachment, alleging fraud and criminal association. Milei denied any wrongdoing, claiming he was unaware of the project's nature and has launched an anti-corruption investigation. The scandal also impacted Argentina's stock market, causing a nearly 4% drop in the S&P Merval index.
Info by chatgpt.
