Argentina's President Milei faces impeachment threats amid crypto scandal

Argentine President Javier Milei is facing impeachment threats following the collapse of the $LIBRA cryptocurrency, which he briefly promoted on social media. After his endorsement, the coin's value surged to nearly $5 before plummeting to below $1, leading to significant investor losses and allegations of a potential 'rug pull' scheme. Milei has denied promoting the cryptocurrency, asserting he merely drew attention to a project aimed at supporting local businesses, and he likened the situation to gambling, stating investors should be aware of the risks. As prosecutors prepare to investigate, a judge has been assigned to look into fraud allegations against him. While Milei maintains he acted in good faith and was not involved in the coin's development, opposition parties are pushing for impeachment proceedings. Political analysts suggest that while the opposition's calls for impeachment may be loud, they are unlikely to secure enough votes to succeed.