Argentine President Javier Milei is facing potential impeachment proceedings after promoting the cryptocurrency $LIBRE, which experienced a dramatic collapse shortly after his endorsement. On Friday, Milei recommended $LIBRE on social media, causing its value to surge to nearly $5. However, within hours, the cryptocurrency’s price plummeted to below $1, leading to suspicions of a “rug pull” scam—a scheme where developers inflate the token’s value before withdrawing their investments, leaving others at a loss.

Opposition lawmaker Leandro Santoro has called for impeachment, citing the international embarrassment caused by the incident. In response, Milei deleted his promotional post, stating he was unaware of the project’s details and ceased promotion upon learning more.

This event has intensified scrutiny of Milei’s involvement with cryptocurrencies. Previously, he faced criticism for allegedly promoting a Ponzi scheme known as Coinx, which reportedly defrauded investors of significant sums.

The $LIBRE incident has raised concerns about the potential for fraud in the rapidly evolving cryptocurrency market, especially when high-profile figures endorse digital assets without thorough due diligence.