Argentina’s libertarian president Javier Milei has been buffeted by a scandal over his promotion of a memecoin that soared in value before collapsing, triggering impeachment calls and lawsuits.
Milei promoted a cryptocurrency called $LIBRA on X on Friday night, which had begun trading minutes earlier. Its value quickly soared above $4 before falling below 50 cents. Buyers accused the coin’s creators of a possible “rug pull” scheme, where the cryptocurrency’s initial investors lure in others to inflate its price before quickly withdrawing their funds.
Political opponents have filed dozens of lawsuits accusing Milei of ethics violations, while the main leftwing Peronist opposition bloc said it would launch impeachment proceedings and accused him of “participation in a crypto fraud”.