Javier Milei, the president of Argentina, is facing impeachment due to virtual assets. The price of the meme coin 'Libra (LIBRA)' promoted by President Milei skyrocketed before plummeting 94% within a few hours. The opposition in Argentina has warned that they will push for impeachment, claiming that President Milei has encouraged fraud.
On the 16th (local time), CNN reported that following the disclosure of President Milei's post, the price of the coin fluctuated drastically, leading to discussions in the political arena about investigating the president and potentially advancing an impeachment motion next week.
The controversy began with a post President Milei made on his X account on the 14th at 7 p.m. He promoted the Libra coin, stating that 'liberal Argentina is growing,' and that 'this private project aims to stimulate economic growth in Argentina and provide funding for small businesses and startups.' The Libra coin is a meme coin based on the Solana blockchain, which has recently attracted attention among investors.
Following President Milei's post, investors flocked in, and the price of Libra skyrocketed to $4.978. However, a few hours later, many investors began to sell off to realize their revenue, causing the price of the Libra coin to crash by 94% in an instant. The industry views this incident as part of a 'rug pull' scheme, where project managers disappear after collecting investors' funds.
After deleting the post within a few hours, President Milei stated in another post that he has no connection to the Libra project. He explained, 'I did not know the details of this project, and after learning about it, I decided no longer to spread it.'
CNN requested a comment from the presidential office, but Milei's side clarified that it was a mistake.
The Civic Coalition Party, a minor opposition party in Argentina, is arguing that the government should clarify this matter in Congress. Additionally, the Social Party is expanding this incident into a political controversy by discussing the advancement of impeachment proceedings against President Milei.