Trump Ally Milei Threatened With Impeachment Over Crypto Stunt

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Milei at Trump's inauguration.

Argentina's President Javier Milei (C) attends Donald Trump's inauguration as the next President of the United States in the rotunda of the United States Capitol on January 20, 2025 in Washington, D.C. (Photo: Shawn Thew - Pool/Getty Images)


"Look where you brought us with your madness! You turned Argentina into a casino where the croupier is the president himself," one opposition politician said.

Olivia Rosane
Feb 17, 2025

Argentina's far-right libertarian President Javier Milei faces legal challenges and calls for impeachment after a cryptocurrency he touted on social media over the weekend rapidly rose and then tanked in value.

Milei first promoted the $LIBRA coin from his personal account on X Friday night, which then skyrocketed in value to $5 apiece, according to Reuters. Within hours, however, the coin's value plummeted to under $1. Milei deleted his initial tweet five hours after he first posted it, The New York Timesreported, writing in a new post that he was "not familiar with the details of the project."

"We just witnessed one of the fastest and largest destructions of wealth in retail trading history," noted The Kobeissi Letter, which tracks capital markets, in a social media post. "Argentina's memecoin, $LIBRA, erased -$4.5 billion of retail capital in seven hours. Truly destructive."