#MileiMemeCoinControversy Argentine President Javier Milei is currently embroiled in a significant controversy following his promotion of the cryptocurrency $LIBRA, which experienced a dramatic collapse shortly after his endorsement. On February 14, 2025, Milei shared information about $LIBRA on his social media platforms, leading to a rapid surge in its value from a fraction of a cent to approximately $5.20 within 40 minutes. However, this spike was short-lived; the currency's value plummeted by 85% just hours later, resulting in substantial financial losses for an estimated 50,000 investors.

The swift decline in $LIBRA's value has led to allegations of a "rug pull" scheme, where insiders are accused of profiting at the expense of other investors. Reports suggest that the founders, who held 70% of the currency, sold their holdings during the peak, amassing approximately $87 million.

In response to the scandal, opposition politicians have called for Milei's impeachment, and over 100 legal complaints have been filed against him, accusing the president of fraud and illicit association. Federal Judge María Servini has been assigned to investigate the matter.

President Milei has denied any wrongdoing, stating that he merely "spread the word" about $LIBRA and was not involved in its creation or promotion. He has expressed regret over the incident, acknowledging that his intention was to support Argentine projects and that the outcome was a mistake.

The controversy has also had broader economic implications, contributing to a 5.6% drop in Argentina's main stock index and raising concerns about the stability of the country's financial markets.

As the investigation continues, the "Cryptogate" scandal poses a significant challenge to President Milei's administration, with potential legal and political repercussions on the horizon.