#MileiMemeCoinControversy
In February 2025, Argentine President Javier Milei faced a major scandal after promoting a cryptocurrency called $Libra via his X (formerly Twitter) account. Following this promotion, the price of the currency rose sharply, prompting thousands of investors to buy it. However, the price of $Libra soon collapsed, resulting in huge financial losses for around 40,000 investors.
Milei reportedly met with officials from KIP Protocol, the company responsible for launching $Libra, and agreed to support the project with the aim of boosting investments in Argentina. However, after the currency collapsed, Milei denied any personal benefit from the promotion, stressing that he was only seeking to support national projects.
This event, known in the media as “Cryptogate,” led to calls from the opposition to initiate impeachment proceedings against Milei, in addition to filing legal complaints accusing him of fraud. In an attempt to contain the crisis, Milley asked the Anti-Corruption Bureau to investigate the case to determine whether there was any illegal conduct by him or members of his government.