The president of Argentina is facing a potential impeachment trial over his alleged role in a memecoin pump-and-dump scheme.
Late last week, in a now-deleted post, Argentinian President Javier Milei announced the launch of LIBRA, a token supposedly designed for “encouraging the growth of the Argentine economy,” along with a Solana (SOL) contract address.
LIBRA’s market cap went to $4 billion within hours before the price collapsed, and Milei backtracked his support of the coin.
Said Milei in Spanish,
“A few hours ago I posted a tweet, as I have so many other times, supporting a supposed private enterprise with which I obviously have no connection whatsoever.
I was not aware of the details of the project and after having become aware of it I decided not to continue spreading the word (that is why I deleted the tweet).
To the filthy rats of the political caste who want to take advantage of this situation to do harm, I want to say that every day they confirm how vile politicians are, and they increase our conviction to kick them in the a**.”
Now, Reuters reports that Argentina’s fintech chamber says Milei could be guilty of facilitating a “rug pull.”
Says opposition member Leandro Santoro,
“This scandal, which embarrasses us on an international scale, requires us to launch an impeachment request against the president.”
At time of writing, LIBRA is trading for $0.379, down 91.7% from its record high of $4.56 set a few hours after the launch.
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