Argentine President In Hot Water After Crypto Post
Argentine President Javier Milei finds himself in hot water after promoting a crypto-currency on a social media post, which seemingly led to investors losing money.
His Twitter/X post on Friday specifically mentioned the Libra coin, which he suggested would be a help to funding small and new businesses. Following his post, which included a link to buy the crypto-currency, its price shot up in value.
However, Milei deleted his post within a few hours and the price plummeted, leading to accusations of a rag-pull. This is an illegal process where somebody promotes a crypto-currency to attract buyers, and then makes off with profit made from sales before the artificial price falls.
On Sunday, lawyers filed complaints in Argentina’s criminal court, while congress members have advised of plans to start impeachment proceedings against the president.
Argentina’s presidential office stated that the post was deleted to avoid ‘speculation’ following public reaction, and that Milei was not involved in the development of the crypto-currency.
It also confirmed that the government’s Anti-Corruption Office will investigate to determine whether there were any improper actions.
Perhaps unsurprisingly, Milei’s political opponents have had much to say on what many of them describe as an unprecedented scandal.
