Capital Economy, Business and Finance
Argentina’s President Milei is facing the possibility of an impeachment trial after a memecoin he promoted on social media crashed.
The market value of $LIBRA, an obscure cryptocurrency launched “in honour of Milei’s libertarian ideas”, reached $4 billion over the weekend before plummeting after the president deleted his online endorsement.
Milei has since denied he was involved in the coin’s development.
Lawyers for Argentina’s opposition and a former head of the central bank have filed lawsuits against the president accusing him of fraud and “rug pulling”, which involves marketing a token and then pulling out when the price inflates.
Milei’s post prompted comparisons with Donald Trump, who has made more than $100 million in trading fees from the launch of his own memecoin in January.
The two are expected to meet at the Conservative Political Action Conference in the US next week.
