Argentina's stock market suffered a significant dip of nearly 4% on Monday, as the country's libertarian President Javier Milei found himself embroiled in a crypto scandal.
The trouble began after Milei recommended a little-known cryptocurrency, $LIBRA, on social media, only for the coin to crash shortly after. His endorsement sparked accusations of a potential "rug pull," with critics suggesting Milei may have been involved in a fraudulent scheme.
Although the president quickly deleted his post and distanced himself from the cryptocurrency in another post on X, opposition leaders are now calling for impeachment proceedings, while analysts predict the accusations will severely impact Milei's political standing ahead of the mid-term elections later this year.
As debates swirl around Milei's role, many investors are left reeling from the financial fallout, with some accusing the president of scamming them out of their savings. For now, it remains to be seen what the legal and political consequences will be for Milei's controversial actions.