Argentine President Javier Milei is facing impeachment threats and legal action after his social media endorsement of a cryptocurrency led to massive investment losses by Argentina citizens.

On Friday, Milei promoted the $LIBRA cryptocurrency on X, claiming it would help fund small businesses. His endorsement caused a sharp rise in the coin’s value, but after he deleted the post, the cryptocurrency crashed, leaving investors in heavy losses.

This has led opposition lawmakers calling the incident an “unprecedented scandal” and announced plans to file impeachment proceedings against the president.

Meanwhile, a legal complaint was filed in Argentina’s criminal court on Sunday, accusing Milei of fraud.

Critics have compared the case to a “rug pull,” a fraudulent scheme where cryptocurrency promoters artificially inflate prices before abandoning the project, causing a financial collapse.

The link Milei shared reportedly included a phrase commonly used in his speeches, raising further suspicions.

The presidential office defended Milei’s actions, stating that the post was removed to avoid “speculation.” It also announced that the government’s Anti-Corruption Office would investigate the matter, including any possible wrongdoing by Milei himself.

Former President Cristina Fernández de Kirchner called Milei a “crypto scammer,” while the main opposition coalition said it would formally push for his impeachment.

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The scandal adds to mounting pressure on Milei’s administration as Argentina battles economic turmoil, with critics questioning his approach to financial reforms and market policies.