President Milei Could Face Impeachment Over Promoting $LIBRA Cryptocurrency Scam
Argentina President Javier Milei has been under scrutiny after the cryptocurrency recognized on social media has caused huge losses to investors. On Friday night, Milei shared a tweet promoting a little-known coin, $ libra, claiming it will help stimulate the economy and support small businesses in Argentina.
The value of the coin soared almost immediately, reaching a market capitalization of $4.4 billion. However, within a few hours, the value of cryptocurrencies fell below $1, causing huge financial losses. Many investors, including their investments, have decreased in just a few hours.
Miley quickly deleted the tweet, later explaining that he was not aware of the details surrounding the coin before promoting it. He said once he realized the situation, he deleted the position and kept himself away from the project.
The incident raised concerns about a potential “carpet” scam, where developers artificially exaggerated the value of the coins before selling their shares, allowing investors to own worthless tokens. Despite the collapse, the coin still holds a market value of $250 million.
Argentina’s opposition MPs suggested Mili could be impeachment trial in Congress, while the country’s FinTech Office acknowledged the possibility of a possible foul.
The case not only attracted Miley’s involvement, but also the wider risk of cryptocurrency investment, highlighting the speed at which the market shifts from hype to disaster.
