Argentine President Milei Faces Fallout Over Cryptocurrency Scandal

Javier Milei's endorsement of the $LIBRA meme coin led to investor losses, legal scrutiny, and a political credibility crisis.

President Javier Milei promoted the $LIBRA cryptocurrency, which briefly surged in value before collapsing, costing investors nearly $100 million.
The incident, labeled 'cryptogate,' has sparked fraud investigations and calls for Milei's impeachment by opposition parties in Argentina.
Hayden Davis, a U.S. crypto developer linked to $LIBRA's launch, admitted meme coins often benefit insiders at the expense of retail investors but denied wrongdoing in this case.
Critics argue the scandal undermines Milei's economic credibility, potentially jeopardizing Argentina's negotiations with the IMF and foreign investors.
Public protests and harsh media criticism have emerged, though some analysts believe the long-term economic impact may be limited if reforms succeed.