Argentina: Milei faces impeachment threat over crypto post

Source: Deutsche Welle

Argentina: Milei faces impeachment threat over crypto post

Zac Crellin with Reuters, AFP
18 hours ago

The Argentinian president posted about a new cryptocurrency on social media before deleting the post hours later. In that short period of time, the cryptocurrency rose in value before tanking.

Argentina's President Javier Milei faced criticism and threats of impeachment on Saturday after he made a post on social media promoting a cryptocurrency that quickly tanked in value.

Milei promoted a new cryptocurrency on social media platform X (formerly known as Twitter) which increased in value to $5 (€4.75) before quickly tanking to below $1.

Argentina's fintech chamber acknowledged that the case could potentially be a "rug pull" — a scheme where a cryptocurrency's creators quickly generate real investment to pump up the value before dumping their own stake.

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Read more: https://www.dw.com/en/argentina-milei-faces-impeachment-threat-over-crypto-post/a-71627300