Argentina’s firebrand president Javier Milei stumbled into a cryptocurrency nightmare after endorsing a memecoin that spectacularly crashed, wiping out millions in investor funds and triggering calls for his impeachment.
The libertarian leader’s social media endorsement of LIBRA memecoin on February 14, 2025, sent the token’s value soaring from practically nothing to $5. Then came the crash. Investors watched in horror as their money vanished. Milei quickly deleted his post, but the damage was done.
Now the president faces serious allegations of involvement in a “rug pull” scam. Multiple legal complaints have landed on Judge María Servini’s desk, including one from the Popular Unity party. Talk about a Valentine’s Day gone wrong. Many victims would have been safer storing their assets in hardware wallets rather than keeping them on exchanges.
Argentina’s President Milei entangled in crypto scam allegations as legal complaints pile up before Judge Servini following LIBRA token collapse.
Milei’s defense? He claims he was just spreading awareness, not promoting the token. In a particularly tone-deaf moment, he compared crypto investors to casino gamblers. Sure, because that’s exactly what Argentinians wanted to hear from their president after losing their savings.
The scandal couldn’t have come at a worse time for Argentina’s crypto community. The country had been making waves with its strong developer presence and widespread adoption. Now those dreams of pro-crypto regulations are going up in smoke, with the sector becoming politically radioactive. Kelsier, the company behind LIBRA, issued claims of legitimacy despite the project’s collapse.
Bitcoin Argentina’s founder didn’t hide their disappointment, and the local fintech chamber practically rolled their eyes, suggesting this had all the markings of a classic scam. The crypto industry’s hopes for regulatory progress have hit a brick wall.
Despite record economic gains in Milei’s first year, this controversy threatens to derail his political momentum. While opposition calls for impeachment likely won’t succeed due to insufficient votes, the president’s crypto connections are raising eyebrows.
For a leader who promised transparency and economic revival, Milei’s “nothing to hide” and “good faith” claims aren’t exactly inspiring confidence. His admission about having “lessons to learn” might be the understatement of the year.
Welcome to the wild world of cryptocurrency politics, Argentine style.
