#MileiMemeCoinControversy Argentine President Javier Milei is embroiled in a controversy involving the promotion of a cryptocurrency known as $Libra, leading to significant financial losses and legal repercussions.
**The Promotion and Collapse of $Libra**
On February 14, 2025, President Milei endorsed $Libra, a Solana-based token, via a post on X (formerly Twitter). He described the project as an initiative to stimulate Argentina's economy by funding small businesses and startups. Following this endorsement, $Libra's value surged from negligible amounts to over $4 per token. However, within hours, the token's value plummeted to less than $0.50, leading to substantial losses for investors. citeturn0search0
**Legal and Political Fallout**
The rapid rise and fall of $Libra have prompted legal actions and political backlash. Observatorio del Derecho a la Ciudad, an Argentine NGO, reported that approximately 40,000 individuals were affected, with losses exceeding $4 billion. In response, opposition politicians have called for President Milei's impeachment, labeling the incident an "unprecedented scandal." citeturn0search0
A federal judge has been assigned to investigate the matter, with over 100 complaints filed against the president, alleging fraud and misconduct. The fintech chamber of Argentina has suggested that the situation resembles a "rug pull," a scam where promoters attract investors, then withdraw funds, leaving investors with worthless tokens. citeturn0search1
**President Milei's Response**
President Milei has denied any wrongdoing, stating that he merely "spread the word" about the $Libra token and did not promote it. He emphasized that he has "nothing to hide" and acted in "good faith." Milei acknowledged the need to "start setting filters" on appropriate conduct and suggested that the state should not be involved in the issues arising from the token launch. citeturn0search4
**Impact on Argentina's Financial Markets**
The controversy has had a notable impact on Argentina's financial markets. The S&P Merval
