Calls for the impeachment of Argentine President Javier Milei have intensified, alongside legal allegations claiming he engaged in fraudulent activities through his promotion of cryptocurrency on social media.

On Friday, Milei took to X (formerly Twitter) to announce his support for the $LIBRA coin, asserting that it would provide vital funding for small businesses and start-ups.

His post included a link for purchasing the cryptocurrency, which caused its value to surge. However, just hours later, he deleted the tweet, resulting in a significant drop in the coin’s market price, leading to substantial losses for investors.

In response to these events, several opposition lawmakers have indicated their intention to initiate impeachment proceedings against Milei. Simultaneously, legal representatives filed fraud-related complaints in Argentina’s criminal court on Sunday.

Critics on social media have accused Milei of orchestrating a “rug pull,” a tactic where cryptocurrency promoters attract buyers and then cease trading, absconding with the generated funds. Observers noted that the purchase link shared by the president echoed phrases often used in his speeches.

Nevertheless, the presidential office clarified on Saturday that the removal of Milei’s post was meant to mitigate “speculation” stemming from the public’s reaction to the cryptocurrency’s unveiling.

The office emphasized that Milei was not involved in the cryptocurrency’s creation, and the Anti-Corruption Office would investigate any potential misconduct, including actions by the president himself.

Jonatan Baldiviezo, one of the individuals who filed the legal complaint, told the Associated Press, “The crime of fraud was committed, where the president’s actions were pivotal.”

Milei’s political rivals are seizing this moment to critique his leadership.

Former President Cristina Fernández de Kirchner, now in opposition, publicly denounced him, branding him a “crypto scammer” in a post that garnered 6.4 million views.

In addition, the major opposition coalition announced plans to file a motion for impeachment, referring to the situation as an “unprecedented scandal.”

Esteban Paulón, a member of the opposition Socialist Party, stated on X that he would also advocate for the initiation of impeachment actions against the president.