Argentina president faces impeachment calls over crypto crash
Milei posted on X, formerly Twitter, about the $LIBRA coin on Friday, which he said would help fund small businesses and start-ups.
He shared a link to buy it, causing its price to shoot up. But within a few hours, he deleted his post and the cryptocurrency nosedived in value, losing investors most of their money.
Some opposition members of Congress say they plan to start proceedings to impeach Milei. Meanwhile, lawyers filed complaints of fraud in Argentina's criminal court on Sunday.
Some people online have accused Milei of what is known as a "rug pull" - where promoters of a cryptocurrency draw in buyers, only to stop trading activity and make off with the money raised from sales. They pointed out that the link used to buy the coins referenced a phrase the president uses in his speeches.
But Argentina's presidential office said on Saturday that the decision to remove the post was to avoid "speculation" following public reaction to the launch of the cryptocurrency.
It said Milei was not involved in the cryptocurrency's development, and that the government's Anti-Corruption Office would investigate and determine whether anyone had acted improperly, including the president himself.
Jonatan Baldiviezo, one of the plaintiffs who filed the legal action, told Associated Press "the crime of fraud was committed, in which the president's actions were essential".
Milei's political opponents have jumped on the opportunity.
Former President Cristina Fernández de Kirchner, who is now in opposition, was heavily critical, calling him a "crypto scammer" in a post seen 6.4 million times.
For its part, the country's main opposition coalition said it would file a request to impeach the president, calling it an "unprecedented scandal".
Esteban Paulón, a member of the opposition Socialist Party, said in a post on X that he would also request the start of impeachment proceedings.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Ya Libnan
15 hours ago
- Ya Libnan
Trump announces EU trade deal with 15% tariffs
U.S. President Donald Trump shakes hands with European Commission President Ursula von der Leyen, after the announcement of a trade deal between the U.S. and EU, in Turnberry, Scotland, on July 27, 2025. Evelyn Hockstein | Reuters President Donald Trump announced Sunday that the U.S. reached a trade deal with the European Union , following pivotal discussions with European Commission President Ursula von der Leyen days before the Aug. 1 tariff deadline. Trump said that the deal imposes a 15% tariff on most European goods to the U.S., which is lower than the 30% rate he had previously threatened against the United States' largest trading partner. Trump also said that the 27-member bloc has agreed to purchase $750 billion worth of U.S. energy and invest an additional $600 billion worth of investments into the U.S. above current levels. He said that the bloc would also be 'purchasing hundreds of billions of dollars worth of military equipment,' but did not provide a specific dollar amount. 'It's a very powerful deal, it's a very big deal, it's the biggest of all the deals, Trump said alongside von der Leyen. 'It's a good deal, it's a huge deal, with tough negotiations,' von der Leyen said after the meeting. While questions remain about the specific details and timeline of the EU investments, the agreement marks a pivotal moment for Trump, following weeks of uncertainty surrounding the U.S.-EU trade talks. Trump during a press conference before his meeting with the European leader said that there was a 50-50 chance they would reach a framework of a deal. Brussels had been preparing for a no-deal scenario if the trade talks devolved ahead of Aug. 1. Lawmakers had approved a major package of counter-tariffs, which would have targeted a range of U.S. goods. The bloc also considered deploying the EU's ' Anti-Coercion Instrument ,' a move seen as the trading bloc's 'trade bazooka.' Ireland's Prime Minister said that the agreement 'brings clarity and predictability to the trading relationship between the EU and the US.' 'It does mean that there will now be higher tariffs than there have been and this will have an impact on trade between the EU and the US, making it more expensive and more challenging,' the Department of the Taoiseach said in a statement . Still, the agreement 'creates a new era of stability,' the statement continued. CNBC
Cedar News
2 days ago
- Cedar News
Elon Musk Slams UK's Online Safety Act, Calls It 'Suppression of the People'
Tech billionaire Elon Musk has voiced strong criticism of the United Kingdom's controversial Online Safety Act, alleging that the legislation is designed to curb free expression rather than protect users. In a post on X (formerly Twitter), Musk claimed the act represents 'the suppression of the people,' aligning with growing concerns among digital rights groups that the law could be used to censor online content under the guise of safety. The Online Safety Act, which became law in 2023, gives UK regulators sweeping powers to force social media platforms to remove harmful content, including material considered abusive, illegal, or dangerous to children. Critics argue the bill lacks clear definitions and could be exploited to silence dissent or limit free speech. Musk's statement adds to ongoing global debate about the balance between internet regulation and freedom of expression. As the CEO of X, a platform already under scrutiny in multiple countries for its content moderation policies, Musk has frequently positioned himself as a defender of free speech — often clashing with regulators and lawmakers. UK officials, however, have defended the act, saying it is essential for protecting users — especially minors — from harmful online content.
LBCI
5 days ago
- LBCI
EU chief demands 'explanations' from Zelensky on anti-graft agencies
European Commission head Ursula von der Leyen has demanded "explanations" from Ukraine's President Volodymyr Zelensky over legislative changes removing the independence of two key anti-corruption bodies, the EU said Wednesday. "President von der Leyen conveyed her strong concerns about the consequences of the amendments, and she requested explanations from the Ukrainian government," EU spokesman Guillaume Mercier said. AFP
