Argentina’s President Javier Milei is under fire for promoting a cryptocurrency called LIBRA, which was meant to support small businesses but instead lost billions in value. Within hours of Milei’s endorsement on X, the token’s market cap soared to $4.5 billion. However, after he deleted the post, the market panicked, and insiders cashed out $87.4 million worth of tokens. The token’s value then plummeted by 90%, erasing over $4 billion in market cap. The country’s fintech chamber suggested this could be a “rug pull,” where developers abandon a project after taking in cash from the initial sale. This incident has led to calls for Milei’s impeachment from opposition lawmakers, who argue that the scandal embarrasses Argentina internationally.
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