Argentine President Javier Milei may be subjected to an impeachment trial in Congress, as suggested by opposition lawmakers, following his promotion of a cryptocurrency that experienced a sharp decline shortly after. Milei endorsed the relatively unknown crypto coin $LIBRE on X, causing its value to surge to almost $5 each but then swiftly dropping to under $1.

The Argentine fintech chamber acknowledged the possibility of a "rug pull," a scenario where crypto developers attract genuine investments to inflate the value before selling off their shares. In response, opposition lawmaker Leandro Santoro remarked, "This scandal, bringing international embarrassment, necessitates us to initiate impeachment proceedings against the president."

Milei removed the X post, which reportedly remained visible for a few hours on Friday night. He clarified that upon discovering the circumstances and devoid of any affiliation with the cryptocurrency, he chose to retract the post, stating, "I was not informed about the project's specifics, and once I became aware, I opted to cease its promotion."