#MileiMemeCoinControversy

'Rug Pull': Why Milei Could Face Impeachment

Argentine President Javier Milei could face impeachment proceedings in Congress, opposition lawmakers said Saturday, after he touted a cryptocurrency that subsequently plunged in price.

Milei posted on X on Friday recommending the little-known cryptocurrency $LIBRA, whose price soon soared to nearly $$ 5 each. A few hours later, however, the cryptocurrency had plunged to below $$ 1.

Argentina's fintech chamber acknowledged that the case could potentially be a "rug pull," in which developers of a crypto token attract legitimate investment, driving up the asset's value, only to later dump their stake.

“This scandal, which shames us on an international scale, requires us to file an impeachment petition against the president,” said lawmaker Leandro Santoro, a member of the opposition coalition.

Milei deleted the post on X, with local media saying it had been up for a few hours on Friday night. He later said he had taken down his post after learning about the circumstances and that it had nothing to do with cryptocurrency.

“I was not aware of the details of the project and when I found out, I decided not to continue publicizing it,” he said.