Argentine President Javier Milei may face impeachment over endorsing cryptocurrency $LIBRE, which swiftly crashed after his promotion. Opposition figures claim this event signifies a potential “rug pull,” leading to calls for accountability. Milei deleted his promotion post, asserting he was unaware of the coin’s details, but the backlash remains strong as scrutiny over his actions grows.
Argentine President Javier Milei faces potential impeachment proceedings by Congress, following his endorsement of a cryptocurrency that subsequently lost significant value. He promoted the little-known coin $LIBRE on X late Friday, where its price initially surged to nearly $5, only to crash to below $1 just hours later. Opposition lawmakers have expressed their concerns, suggesting this incident may qualify as a “rug pull,” where investors are misled before the developers abandon the project.
In response to the backlash, lawmaker Leandro Santoro stated, “This scandal, which embarrasses us on an international scale, requires us to launch an impeachment request against the president.” Milei acted quickly, deleting his post after realizing the developments surrounding the cryptocurrency, claiming he had no prior knowledge of the coin’s details.
Milei remarked, “I was not aware of the details of the project and once I found out, I decided to not continue giving it publicity.” His statement reflects an attempt to distance himself from the controversy, amid the growing scrutiny over the event’s implications for his leadership.
The incident poses significant political ramifications for President Javier Milei, who might face impeachment from opposition lawmakers due to his promotion of $LIBRE, a cryptocurrency that led to substantial financial loss for investors. The situation highlights the volatile nature of cryptocurrency investments and raises questions about transparency and accountability among public officials. Moreover, the term “rug pull” could exemplify the risks associated with lesser-known cryptocurrency investments, necessitating consumers’ thorough research before engagement. This situation serves as a cautionary tale regarding the intertwining of politics and emerging financial technologies.
Original Source: theprint.in
