ARGENTINA, February 18, 2025 – President Javier Milei is facing legal challenges and calls for impeachment after endorsing a cryptocurrency on social media.

On Friday, President Milei shared a post about the LIBRA coin on X, previously known as Twitter, claiming that the coin would assist in financing small businesses and start-ups.

The announcement included a link for purchasing the coin, leading to a swift rise in its value.

However, just hours later, the post was taken down, and the coin's price plummeted significantly, causing considerable losses for investors.

Opposition lawmakers have indicated intentions to launch impeachment proceedings, and legal representatives have submitted fraud allegations to Argentina's criminal court.

Some online commentators have labeled the situation a 'rug pull,' pointing out that the purchasing link contained a phrase frequently used by the president in his addresses.

On Saturday, the presidential office explained that the post was removed to prevent speculation following the public's reaction to the cryptocurrency's launch.

Officials stressed that President Milei did not participate in the coin's creation and that the government’s Anti-Corruption Office would investigate to ascertain if any misconduct occurred, including possible involvement by the president.

Prominent opposition figures, including former President Cristina Fernández de Kirchner, have condemned the event, with some labeling President Milei a 'crypto scammer.' The country’s leading opposition coalition has expressed its intention to seek impeachment proceedings, while members of opposition parties have also voiced their support for such actions.