Argentina President’s Crypto Scandal

On February 17, 2025, Argentina’s S&P Merval stock index fell by 5.6% following a scandal involving President Javier Milei and the cryptocurrency $LIBRA. Milei had promoted $LIBRA in a social media post, which he later deleted as the cryptocurrency’s value plummeted. The incident has led to a federal investigation into potential fraud and discussions of impeachment by opposition lawmakers. The country’s fintech chamber suggested the case could be a “rug pull” scam, where investors are left with worthless tokens after promoters withdraw funds. Despite the controversy, a government source indicated that Milei would continue to support private projects. Read more at https://www.reuters.com/world/americas/argentina-main-stock-index-falls-after-milei-crypto-scandal-2025-02-17/