Argentina president faces impeachment calls over crypto crash

Javier Milei, the president of Argentina, is currently facing serious challenges as calls for his impeachment grow louder. This situation arises from his promotion of a cryptocurrency on social media, which has led to accusations of fraud against him. Recently, Milei posted about a new cryptocurrency called $LIBRA on X, which was formerly known as Twitter. He claimed that this digital currency would provide financial support to small businesses and startups. In his post, he included a link for people to purchase $LIBRA, which caused its price to surge dramatically. However, just a few hours later, he deleted the post, and the value of the cryptocurrency plummeted, resulting in significant losses for many investors. In response to this incident, some members of Congress from the opposition have announced their intentions to initiate impeachment proceedings against Milei. Additionally, lawyers have filed complaints in Argentina's criminal court, alleging that Milei committed fraud. Fraud is a serious crime where someone deceives others to gain money or property. Many individuals online have accused Milei of executing a 'rug pull,' a term used in the cryptocurrency world to describe a situation where promoters attract buyers but then abandon the project, taking the money with them. Critics pointed out that the link he shared to buy the coins included a phrase that Milei frequently uses in his speeches, raising suspicions about his intentions. Nevertheless, Milei's representatives stated that the decision to remove the post was made to prevent speculation following the public's reaction to the cryptocurrency's launch. They emphasized that Milei was not involved in the development of $LIBRA and that the government's Anti-Corruption Office would conduct an investigation to determine if anyone, including the president, acted improperly. Jonatan Baldiviezo, one of the plaintiffs who filed the legal action, expressed to the Associated Press that 'the crime of fraud was committed, in which the president's actions were essential. ' This situation has provided an opportunity for Milei's political opponents to criticize him. Former President Cristina Fernández de Kirchner, who is now part of the opposition, has been particularly vocal, labeling him a 'bad president' in a post that garnered 6. 4 million views. The main opposition coalition in Argentina has also announced plans to file a request for impeachment, describing the situation as a 'serious issue. ' Esteban Paulón, a member of the opposition Socialist Party, has also spoken out against Milei, highlighting the gravity of the situation.