Argentine President Javier Milei is facing fraud allegations after his social media post about the cryptocurrency $Libra triggered a sharp rise and crash in its value. Many investors suffered heavy losses, leading to accusations of a “rug pull” scheme. A federal judge will now decide whether the case against Milei will proceed.

The $Libra Controversy

The controversy began when Milei shared a post on X (formerly Twitter) linking to a site selling $Libra. Soon after, the cryptocurrency surged in value, only to plummet within hours, causing major losses for investors. Critics argue that this bears the hallmarks of a classic pump-and-dump scheme, where hype artificially inflates a coin’s price before an inevitable crash.

Milei’s Defence: “I Merely Shared It”

In an interview with Todo Noticias, Milei insisted he did not promote $Libra but simply shared information about it. He compared investors’ losses to gambling risks, saying:

“If you go to a casino and lose money, what’s there to complain about when you knew the risks?”

Milei also defended his decision to delete the post, claiming he removed it after realizing he did not know the full details of the project.

Opposition Calls for Impeachment

The backlash has been fierce, with opposition politicians threatening to start impeachment proceedings against Milei. However, political analysts believe the opposition lacks the necessary votes to remove him from office.

Meanwhile, Argentina’s Anti-Corruption Office has launched an investigation into whether Milei acted improperly by sharing the $Libra link.

What’s Next?

While Milei maintains he has “nothing to hide”, the case could distract him from his ambitious economic reform agenda. The judge’s decision on the fraud allegations will determine whether this crypto scandal becomes a legal battle or a political headache for the president.