Argentine President Faces Legal and Political Fallout Over Cryptocurrency Collapse

Javier Milei is under investigation and facing impeachment calls after promoting a crypto project that crashed, wiping out billions in investor value.

Javier Milei promoted the LIBRA cryptocurrency on social media, claiming it would boost Argentina's economy, before deleting the post hours later as the token's value plummeted by 95%.
The cryptocurrency, linked to a group of wallets holding 83% of its supply, is suspected to be a 'rug pull' scam, where developers profit at investors' expense by cashing out early.
Argentine lawyers have filed fraud charges against Milei, alleging his involvement in a scheme that caused over $4 billion in investor losses.
Opposition lawmakers are calling for Milei's impeachment, citing his failure to vet the project and his subsequent denial of responsibility for its collapse.
The controversy has triggered a broader investigation by Argentina's Anti-Corruption Office into the LIBRA project and its developers, including Hayden Davis, who admitted to controlling $100 million from the scheme.