MercoPress. South Atlantic News Agency

Argentine President Milei promotes crypto scam, then deletes endorsement

Milei has previously been linked to crypto scandals. In 2021, he promoted CoinX, a company later accused of operating a pyramid scheme. Its executives were arrested in 2023.

Argentine President Javier Milei has admitted to promoting the $Libra cryptocurrency, which skyrocketed in value before crashing within hours, leaving investors with heavy losses. Milei later deleted his post and claimed he was unaware of the project’s questionable nature.

“The Liberal Argentina is growing!!!” Milei posted on X to his 3.8 million followers, linking to the $Libra token—a project supposedly aimed at funding Argentine businesses. The endorsement sent the token surging to $4.70 before plummeting to $0.19 within hours. Experts described the event as a “rug pull,” a classic crypto scam where early investors cash out at the expense of late buyers.

Facing mounting criticism, Milei deleted the post and attempted to clarify: “I had no involvement in this private initiative. I wasn’t aware of the project’s details, and after learning more, I chose not to continue promoting it.” However, he also lashed out at political opponents, calling them “filthy rats of the political caste.”

Hace unas horas publiqué un tweet, como tantas otras infinitas veces, apoyando un supuesto emprendimiento privado del que obviamente no tengo vinculación alguna.

No estaba interiorizado de los pormenores del proyecto y luego de haberme interiorizado decidí no seguir dándole…

— Javier Milei (@JMilei) February 15, 2025

Milei has previously been linked to crypto scandals. In 2021, he promoted CoinX, a company later accused of operating a pyramid scheme. Its executives were arrested in 2023.

Opposition leaders have condemned Milei’s involvement. “On Monday, we will file for impeachment,” said Socialist deputy Esteban Paulón. Other lawmakers have demanded an investigation, accusing the president of using his office to promote a financial scheme.

The fallout from Milei’s endorsement was swift. “On Monday, we will file for impeachment proceedings against the president. This is a very serious matter,” announced Socialist deputy Esteban Paulón. Lawmakers from the opposition coalition Unión por la Patria, aligned with former President Cristina Fernández de Kirchner, have joined the push. The centrist Unión Cívica Radical (UCR) has also called for an investigative committee to determine whether Milei committed a criminal offense.

“Javier Milei was elected to defend all Argentines, not to benefit a select group of unscrupulous individuals with dubious backgrounds,” said UCR deputy Pablo Juliano.

If impeachment proceedings gain traction in Congress, Milei could face a formal investigation that might lead to his removal from office. However, his party, La Libertad Avanza, controls enough seats to likely block such efforts unless significant political realignment occurs.

Cristina Kirchner’s Fierce Criticism

“From your official X account, you promoted a private cryptocurrency, created by God knows who. You inflated its value by leveraging your presidential authority. Thousands trusted you, bought at high prices, and within hours, lost millions—while a select few (I’d bet they’re all libertarians) made fortunes with inside information. Milei… You acted as the bait in a digital scam!” the former President wrote.

Esta vez el Che Milei no va porque, la verdad, NUNCA EN LA HISTORIA SE VIO ALGO SEMEJANTE.

De Hayek pasaste a Ponzi y te fuiste al pasto MAL.

Desde tu cuenta oficial de X promocionaste una criptomoneda privada, creada vaya a saber por quién.

Inflaste su valor aprovechándote de…

— Cristina Kirchner (@CFKArgentina) February 15, 2025

Kirchner’s remarks reflect broader concerns about Milei’s financial dealings and governance style. She has previously clashed with the president over economic policy, and this scandal has further deepened Argentina’s political divisions.