Argentina’s President Javier Milei could face impeachment following his involvement in the LIBRA token rug pull on Saturday.
Opposition lawmakers have taken Milei’s Saturday involvement in the LIBRA token fallout as a national issue. According to a Reuters’ report, they have filed for a possible impeachment of the pro-crypto president with Argentina’s Congress.
Leandro Santoro, a member of the opposition coalition at the forefront of the impeachment process, argues that the parliament should bring the president to book for his actions.
“This scandal, which embarrassed us on an international scale, requires us to launch an impeachment request against the president,” Santoro stated.
What Really Happened?
On Saturday, President Milei touted a project to his over 3.83 million followers on X. The meme coin with ticker LIBRA instantly gained traction with his now-deleted tweet, hitting a peak market cap and price of $4.5 billion and $4.56, respectively.
Meanwhile, on-chain analysis revealed chains of fraudulent activities following the token’s pump, including liquidity pool (LP) sales and insider wallet cashouts. As uncertainties hovered around the LIBRA token, the president deleted his tweet promoting the token.
This last straw broke the camel’s back, with LIBRA capsizing minutes later. The Solana-launched project capitulated almost 100% to $0.18, inflicting maximum loss on market participants.
President Involves Anti-Corruption Office
Nonetheless, Milei has reported the token’s fallout to Argentina’s anti-corruption office (OA) for an extensive investigation. The president’s office confirmed the development in a Sunday tweet.
La Oficina del Presidente informa que el pasado 19 de octubre el Presidente Javier Milei mantuvo un encuentro con los representantes de KIP Protocol en Argentina en el que se le comentó la intención de la empresa de desarrollar un proyecto llamado “Viva la Libertad” para…
— Oficina del Presidente (@OPRArgentina) February 16, 2025
The corruption agency will investigate the KIP Protocol project and the national government, including Milei, for misdeeds. Furthermore, the president has formed an Investigation Task Unit (UTI) to comprehensively investigate the activities surrounding the LIBRA token launch.
Meanwhile, the office of the president further elaborated on the relationship between the KIP Protocol—the project behind the LIBRA token—and Milei. The tweet revealed a series of meetings between the president and the team, including meetings with the project representatives on October 19, 2024, and January 30.
The LIBRA token is one of the high-caliber assets launched with the endorsement of national presidents. However, unlike what was seen with Donald Trump and Faustin-Archange Touadera’s TRUMP and CAR token launches, President Milei publicly denied involvement with the token.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
