Argentina President Milei faces impeachment risk over $LIBRE crypto crash; Anti-Corruption Office launches investigation amid public backlash and political tension.
Argentine President Javier Milei may face an impeachment trial in Congress. The opposition politicians at the National Congress charged him with advancing a crypto asset which crashed soon after it started. The disagreement started when Milei endorsed the obscure $LIBRE cryptocurrency through his X platform posting on Friday evening. The value of $LIBRE coins reached almost $5 during this period.
According to Reuters, the cryptocurrency’s value dropped sharply to below $1 within hours. The Argentina fintech chamber’s observers believed the $LIBRE event might demonstrate “rug pull” tactics which occur when developers create false token value through promotion activities before unloading their assets to cause market crashes.
The opposition stated through their representative, Leandro Santoro, that they sought to impeach President Kira Milei. International embarrassment was one reason, along with public demands as stated by Santoro that prompted him to push for future presidential action.
Milei Denies Crypto Ties, Cites Lack of Information
The public backlash against Milei led him to remove the post from X. Local media reportedly revealed that the post stayed active on X for many hours on Friday night before removal. President Milei explained he took down the post once he received better information regarding the situation because he had no affiliation with the cryptocurrency. The president admitted his ignorance about the project before learning all the facts, after which he decided to terminate his backing.
The Argentine Presidential Office released a formal declaration regarding this matter. The office asked the Anti-Corruption Office to examine whether anything improper happened to any government member including President Milei. The investigation checks whether any company or individual associated with the KIP Protocol project violated criminal laws. The gathered information will proceed to the court where further actions will be taken.
The tense political atmosphere and eroded public confidence mark the result of this incident. The ongoing investigation has created high anticipation among investigators as well as the public and those investing in the market. The outcome could significantly impact Milei’s presidency and Argentina’s cryptocurrency policies.
