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Category: CRYPTO NEWS
The post Argentina’s president Javier Milei to be impeached for crypto rug pull appeared on BitcoinEthereumNews.com. Argentine lawmakers are pushing to impeach President Javier Milei after a crypto scandal wiped out hundreds of millions of dollars in investor funds overnight, according to a report from Reuters. President Javier, who has made free-market policies his entire brand, posted an endorsement for a meme coin, $LIBRE, on X (formerly Twitter) late Friday night, and the coin immediately surged to nearly $5 per token from just $0.006, drawing in eager buyers. Just six hours later, its value collapsed to $0.84, triggering outrage and accusations of a rug pull. The fallout was immediate. So now, Congressional opposition leaders, already critical of Milei’s economic policies, want him out. “This scandal, which embarrasses us on an international scale, requires us to launch an impeachment request against the president,” said Leandro Santoro, a member of the opposition coalition, on Saturday. Javier’s endorsement of $LIBRE was up for only a few hours before it was deleted, but by then, the damage had been done. Investors had poured money into the token, assuming it had presidential backing. The Argentine fintech chamber later confirmed that the case had all the makings of a rug pull, where a token’s creators pump up its price, cash out, and leave buyers in financial ruin. After deleting the post, Javier distanced himself from the project, claiming he had no knowledge of its specifics. “I was not aware of the details of the project, and once I found out, I decided to not continue giving it publicity,” he said. But his opponents are clearly not buying it. KIP Protocol, the company behind $LIBRE, also claimed that Javier was never involved in the project. The company, which is backed by Animoca Ventures in Hong Kong, insisted that $LIBRE was a private enterprise with no ties to the Argentine government. “President Milei was…
2025-02-16T03:40:26+00:00