Milei's Crypto Endorsement Sparks Impeachment Calls
Milei Faces Impeachment Over Failed Crypto Endorsement
Argentine President Javier Milei is facing potential impeachment following the dramatic crash of the obscure cryptocurrency, $LIBRE, which he publicly endorsed. The incident has ignited a political firestorm and prompted an investigation by Argentina's Anti-Corruption Office.
The controversy began when President Milei promoted $LIBRE on X (formerly Twitter), driving its price to nearly $5. However, within hours, the cryptocurrency plummeted to below $1, leading to accusations of a "rug pull"—a scheme where developers artificially inflate a token's value before dumping their holdings, causing a market crash.
Opposition Calls for Impeachment
Opposition politicians, led by Leandro Santoro, have initiated impeachment proceedings against President Milei. They cite the international embarrassment caused by the incident, along with widespread public outrage, as justification for their actions. The opposition alleges that Milei's actions demonstrate negligence and a lack of due diligence.
Milei Denies Involvement, Investigation Launched
President Milei subsequently removed his X post promoting $LIBRE, claiming he acted on incomplete information and had no affiliation with the project. The Argentine Presidential Office has formally requested an investigation by the Anti-Corruption Office to determine if any government officials, including President Milei, acted improperly or violated any laws related to the KIP Protocol project, which developed $LIBRE.
The investigation will assess potential criminal wrongdoing. The outcome will significantly impact President Milei's presidency and Argentina's cryptocurrency regulatory landscape. This incident highlights the importance of due diligence and responsible engagement with cryptocurrencies, especially for public figures.
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