Narayan AmmachchiArgentine President Javier Milei is facing the prospect of impeachment following a controversial tweet that led to significant financial losses for cryptocurrency investors.
On February 16, 2025, Milei posted on social media endorsing $LIBRA, claiming it would benefit small businesses and startups.
Within an hour, the token’s value surged by approximately 3,000%, reaching a peak of $5 per coin and a market capitalization exceeding $4.5 billion.
However, after Milei swiftly deleted the tweet, the price plummeted dramatically, wiping out substantial investor gains.
As major investors began to sell off their holdings, the value of $LIBRA lost 95% of its value.
Critics have accused Milei of orchestrating a “rug pull”—a term in the cryptocurrency sector referring to artificially inflating an asset’s value before an abrupt sell-off that leaves investors at a loss.
In response, multiple legal complaints have been filed against him, alleging fraud and violations of public ethics laws.
The incident has prompted some members of Congress to advocate for impeachment proceedings, citing the severity of the allegations. Meanwhile, Argentina’s Anti-Corruption Office has launched an official investigation into the matter.
The President’s office has defended Milei by asserting that he had no prior knowledge of the cryptocurrency’s details and that he removed the post to prevent speculation.
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