Buenos Aires, Argentina – Opposition leaders in Argentina are calling for the impeachment of President Javier Milei following a controversial endorsement of a cryptocurrency that resulted in millions of dollars in losses over the weekend.

Milei promoted a little-known cryptocurrency token, $Libra, claiming it would support the growth of the Argentine economy by funding small businesses and entrepreneurs. The value of the token initially surged from almost zero to nearly $5 before crashing to under $1, raising concerns of a potential scam or Ponzi scheme.

The president later deleted his post, stating he was not fully informed about the project. However, the incident sparked a political uproar, with calls for an investigation into potential fraud or breach of duties by Milei.

A group of lawyers has filed fraud complaints against the president, alleging his involvement in a “mega-scam” related to the $Libra token. The opposition lawmakers are also pushing for Milei’s impeachment, citing the international embarrassment caused by the scandal.

Former presidential candidate Myriam Bregman expressed that Milei must be held accountable for his actions, especially given his current role as president. Criticism poured in from various figures, including former President Cristina Fernández de Kirchner and Mexico’s President Claudia Sheinbaum, highlighting the severity of the situation.

The incident drew comparisons to previous cryptocurrency controversies, such as the $Trump memecoin launched by US President Donald Trump. Milei responded to the backlash by accusing his opponents of exploiting the situation, while the presidential office clarified that he was not directly involved in the cryptocurrency’s development.

Political analysts warned that the scandal could tarnish Milei’s reputation as a proponent of economic recovery and anti-corruption ahead of the upcoming midterm elections. The cryptocurrency market in Argentina has gained popularity in recent years, driven by economic uncertainty and inflation rates.

As the investigation unfolds, Milei and his government face the challenge of restoring public trust and providing a transparent explanation of the events to prevent further damage to their credibility and investor confidence.