Argentine President Javier Milei is facing intense political turmoil as calls for his impeachment grow following a cryptocurrency scandal that left investors reeling. The controversy erupted after Milei publicly endorsed the $LIBRA coin on X, formerly Twitter, promoting it as a financial tool for small businesses and startups.

His endorsement triggered a surge in the coin’s value, drawing in eager investors. However, when Milei abruptly deleted the post just hours later, the coin’s price crashed, wiping out millions in investor funds. Furious opposition lawmakers swiftly announced plans to initiate impeachment proceedings, while legal complaints accusing Milei of fraud were filed in the country’s criminal court on Sunday.

Critics have likened Milei’s actions to a “rug pull” scam, a fraudulent scheme in which cryptocurrency promoters inflate a coin’s value before abandoning it, leaving investors at a loss. They also pointed out that the purchasing link he shared contained a phrase frequently used in his political speeches, raising further suspicions about his involvement.

The presidential office has pushed back against the accusations, insisting that Milei had no direct ties to the cryptocurrency’s creation and that his post was removed to prevent “speculation.” Despite the defense, the government’s Anti-Corruption Office has launched an investigation to determine whether any wrongdoing occurred.

Former President Cristina Fernández de Kirchner has joined the chorus of condemnation, branding Milei a “crypto scammer” in a viral post that has amassed over 6.4 million views. Meanwhile, the country’s main opposition coalition has vowed to formally request impeachment, describing the scandal as “unprecedented.”

The political firestorm continues to escalate, with Socialist Party member Esteban Paulón also backing impeachment efforts. As pressure mounts, Milei’s presidency is facing its biggest crisis yet, with Argentina watching closely to see how the embattled leader navigates the fallout.