Key Takeaways:
- Argentine President Javier Milei faces impeachment calls after endorsing the Solana-based Libra (LIBRA) token, which crashed by 94% within hours.
- On-chain data suggests insiders withdrew over $107M before the collapse, fueling accusations of a rug pull.
- Milei denies involvement, has called for an anti-corruption probe, and claims political opponents are exploiting the situation.
Argentine President Javier Milei faces impeachment calls over his involvement in the collapse of the Solana-based Libra (LIBRA) cryptocurrency.
On Feb. 14, Milei endorsed the project on social media, boosting its market capitalization to $4.56 billion.
It all began with this post at 5:01 PM ET from Javier Milei.
— The Kobeissi Letter (@KobeissiLetter) February 15, 2025
As seen during President Trump's memecoin launch, the first hour was full of speculation:
Was this a hack or a real launch?
It turned out to be real as multiple other Argentinian politicians posted the news. pic.twitter.com/cL0ZQgxtCB
However, within just 11 hours, LIBRA lost over 94% of its value, fueling allegations of a rug pull.
Opposition lawmaker Leandro Santoro has called for Milei’s impeachment, labeling the scandal an international embarrassment.
Critics accuse Milei of promoting an insider scheme, with blockchain data revealing that at least eight wallets linked to the project withdrew over $107 million before the crash.
Milei has denied wrongdoing, claiming he was unaware of the project’s details when endorsing it.
In response, he has requested Argentina’s Anti-Corruption Office to investigate all government officials, including himself.
His office confirmed meetings with blockchain figures, including KIP Protocol representatives and crypto entrepreneur Hayden Mark Davis, but denies any government ties to the project.
Despite Milei’s defense, on-chain analysis suggests serious irregularities, with 82% of LIBRA’s supply being unlocked from launch.
As scrutiny grows, the scandal threatens Argentina’s political and financial stability, with impeachment proceedings gaining traction.
About The Author
Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
His articles offer a deep dive into the latest trends, projects, and technological advancements shaping the future of digital finance.
Check Efe out on:
