President endorsed $Libra crypto token on Friday before it collapsed, leading some to call it a financial ‘rug pull’

Opposition politicians in Argentina have called for the impeachment of president Javier Milei after he touted a cryptocurrency which quickly collapsed and reportedly led to millions of dollars in losses this weekend.

Milei endorsed the little-known cryptocurrency token $Libra on Friday evening, announcing on X that the project was “dedicated to boosting the growth of the Argentine economy by funding small businesses and entrepreneurs”. His post linked to a website where the digital coin could be bought, the domain name of which included Milei’s popular catchphrase “long live freedom”.