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Argentine lawmakers are pushing to impeach President Javier Milei after a crypto scandal wiped out hundreds of millions of dollars in investor funds overnight, according to a report from Reuters.

President Javier, who has made free-market policies his entire brand, posted an endorsement for a meme coin, $LIBRE, on X (formerly Twitter) late Friday night, and the coin immediately surged to nearly $5 per token from just $0.006, drawing in eager buyers.

Just six hours later, its value collapsed to $0.84, triggering outrage and accusations of a rug pull. The fallout was immediate. So now, Congressional opposition leaders, already critical of Milei’s economic policies, want him out.

“This scandal, which embarrasses us on an international scale, requires us to launch an impeachment request against the president,” said Leandro Santoro, a member of the opposition coalition, on Saturday.

Javier’s endorsement of $LIBRE was up for only a few hours before it was deleted, but by then, the damage had been done. Investors had poured money into the token, assuming it had presidential backing. The Argentine fintech chamber later confirmed that the case had all the makings of a rug pull, where a token’s creators pump up its price, cash out, and leave buyers in financial ruin.

After deleting the post, Javier distanced himself from the project, claiming he had no knowledge of its specifics. “I was not aware of the details of the project, and once I found out, I decided to not continue giving it publicity,” he said. But his opponents are clearly not buying it.

KIP Protocol, the company behind $LIBRE, also claimed that Javier was never involved in the project. The company, which is backed by Animoca Ventures in Hong Kong, insisted that $LIBRE was a private enterprise with no ties to the Argentine government. “President Milei was not and is not involved in the development of this project,” KIP Protocol said on X.

Just hours later, KIP revised its statement, saying that the launch and market-making were fully managed by Kelsier Ventures, a company led by Hayden Davis. KIP denied controlling any tokens and claimed their role was strictly post-launch, providing tech infrastructure for AI-based projects. The company also said their team had received threats after the scandal erupted.

The impeachment drive is gaining serious momentum in Congress, with lawmakers demanding to know who profited from the token’s rise and fall. Santoro said that Javier’s endorsement created a financial trap, even if he was not directly involved.

Former President Cristina Fernández de Kirchner, one of Javier’s strongest political opponents, weighed in on the controversy, saying the scandal had devastated investors. “Thousands who trusted him lost millions, while many made fortunes due to privileged information,” she said on Saturday.

President Javier Milei launches investigation into LIBRA

Meanwhile, the Argentine presidency has announced an official investigation into LIBRA, as Javier desperately attempts to distance himself from the controversy. In a statement released via X on Saturday night, the Office of the President confirmed that Javier met with KIP Protocol officials Mauricio Novelli and Julian Peh on October 19, 2024, where they presented their blockchain-based initiative, dubbed “Viva la Libertad.”

According to the recorded meeting, the company’s plan was to finance private ventures in Argentina using blockchain technology. Also present at the meeting was presidential spokesman Manuel Adorni.

On January 30, Javier met with Hayden Mark Davis at Casa Rosada, Argentina’s presidential palace. The statement clarified that Davis had no official connection to the Argentine government and was introduced by KIP Protocol as the project’s technology provider.

Javier defended his endorsement of KIP Protocol, claiming: “The President shared a post on his personal accounts announcing the launch of the KIP Protocol project, just as he does daily with many entrepreneurs who want to launch a project in Argentina to create jobs and get investments.”

The Anti-Corruption Office (OA) will review the actions of government officials, including Javier himself, to determine whether any improper conduct occurred. Additionally, the President has created an Investigation Task Unit (UTI), composed of experts in cryptoassets, finance, and money laundering, to analyze every detail of the scandal.

“All information gathered during the investigation will be handed over to the courts to determine whether any of the companies or individuals linked to the KIP Protocol project committed a crime,” the statement read.

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Dog-themed Shiba Inu (SHIB) has witnessed significant movement in the broader cryptocurrency space as the meme coin continues on its price recovery. A staggering 253,000,000,000 SHIB tokens hit Binance, the world’s biggest crypto exchange, in 24 hours. The Binance SHIB trading volume jumped by over 14% in 24 hours, per CoinMarketCap data.

Massive SHIB movement sparks price concerns

The sheer volume of transactions has shocked the SHIB community. Notably, some of the transactions were driven by SHIB whales, who have decided to participate in ongoing market activities.

In the last seven days, SHIB has steadily climbed above the $0.000015 level as it struggles to breach critical resistance levels.

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This latest transaction signals that SHIB holders, particularly whales and retail traders, could have decided to open positions on Binance. Generally, when traders, either whales or retail, engage in intense trading activities, it signals a potential trend shift.

Analysts say if such staggering volume hits the market, it could sustain SHIB’s recovery journey. That is, the volume might overwhelm the market bears and help SHIB push for a new rally. It could trim the losses already recorded by Shiba Inu.

With historic precedents signaling a positive trend ahead, analysts still advocate caution across the board.

Will SHIB's price hold or crash?

As of this writing, SHIB price was changing hands at $0.00001668, a mild 1.04% increase in the last 24 hours. The meme coin remains way above the $0.000015 support level.

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SHIB still has a lot of grounds to cover as it continues its uphill climb to the $0.00002205 level it traded at about 30 days ago.

Experts believe beyond the daily burn rate, the SHIB community could also push the token for more rallies ahead. For instance, market participants have pulled back slightly, as the trading volume indicates. This has dropped by 2.86% to $279.52 million within the last 24 hours.