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The President of Argentina, Javier Milei, is under fire over his promotion of a new cryptocurrency.
Last week Milei posted on X (formerly Twitter) about the new cryptocurrency, $LIBRA, which he said would be used to help fund small and new businesses. He also shared a link where investors could buy the coin.
Milei’s endorsement saw the value of the coin rise sharply up, but Milei deleted the post, seeing the price crash, and investors lose money.
This has meant that some Argentinian lawmakers say they want to impeach Milei, while complaints of fraud have also been laid against him.
Milei has been accused of a “rug pull” – where owners of a cryptocurrency drum up interest in it, see the price rise, and then cease trading and make off with the profits.
Milei’s office said he was not involved in the development of $LIBRA, and deleted the post as he wanted to avoid “speculation” following its launch.
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