Argentine President Javier Milei is facing calls for impeachment after promoting a little-known cryptocurrency, whose price soared then collapsed after his endorsement, leading to losses for thousands of investors. <\/p>\n
The news has caused a major scandal in Argentina, with the opposition accusing Milei of promoting a scam, an allegation that the presidency has denied. <\/p>\n
It started with a tweet posted by the president to his X account, which has more than 3.8 million followers. \u201cThis private project will be dedicated to encouraging the growth of the Argentine economy,\u201d he wrote, with a link to the $LIBRA cryptocurrency project. <\/p>\n
Hours later, Milei deleted the message and, in another post, said he had no ties to the initiative. \u201cI was not aware of the details of the project and after having become aware of it I decided not to continue spreading it,\u201d he said. <\/p>\n
The presidency on Saturday announced an investigation into the matter, saying: \u201cPresident Javier Milei has decided to immediately involve the Anti-Corruption Office to determine whether there was improper conduct on the part of any member of the national government, including the president himself.\u201d <\/p>\n
At the time of its launch, most of the cryptocurrency was held in a few digital wallets, and its price was almost zero. After the president\u2019s post, its price increased rapidly to almost $5, but in less than three hours it plummeted to cents, according to trading application sites. <\/p>\n
\u201cThe first thing I saw was that the website had been registered yesterday (Friday); (which) is typical of a scam,\u201d said Sabbatella. He also indicated that the token was created minutes before Milei published the message. <\/p>\n
\u201cThe whales (large holders of the asset) bought at practically nothing. Then the price flies and when it is up, they sell. It is known as pump and dump; that mechanic happened,\u201d said Sabbatella. <\/p>\n
He noted that he saw accounts that bought at very low levels earning more than $4 million in two hours, and one that earned up to $87 million with the sale. <\/p>\n
Argentina\u2019s political opposition criticized the president, with the Union for the Homeland coalition announcing Saturday it would move forward with a request for impeachment against Milei. <\/p>\n
Figures close to Milei rejected the possibility of an impeachment, with Congressman Diego Santilli calling such calls an attempt to \u201coverthrow\u201d the president. <\/p>\n
Security Minister Patricia Bullrich defended Milei, telling Radio Rivadavia: \u201cThe president has the freedom of expression to raise the issues he wants.\u201d She also compared his message on X with a presidential visit to a factory, saying that \u201cit does not imply that he is creating a lobby for that place.\u201d <\/p>\n<\/p>\n
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