"Libra Memecoin Scandal: Argentine President's Endorsement Sparks Impeachment Calls"

The Libra memecoin scandal, dubbed "Libragate," unfolded rapidly over a few days but had been brewing for months. Argentine President Javier Milei's promotion of the Solana-based token on Feb. 14 led to a swift price rally, followed by a rapid crash, sparking accusations of a pump and dump scheme. The incident has drawn international attention and led to calls for Milei's impeachment in Argentina.

The Libra token is part of the Viva la Libertad project, aimed at stimulating economic growth in Argentina. The project involves several alleged players, including Hayden Davis, Mauricio Novelli, Manuel Terrones Godoy, Javier Milei, and Dave Portnoy. The story began in June 2024 when Terrones Godoy and Novelli visited the presidential residence and introduced Milei to Julian Peh, head of KIP Protocol. In January 2025, Davis met Milei at the presidential residence, and Portnoy was introduced to Davis under the auspices of learning about crypto.

On Feb. 14, the Libra token launched, and Milei tweeted his support. The price skyrocketed to over $4 before crashing below $0.20 within hours. Milei later claimed he was merely promoting a private enterprise. The Argentine fintech chamber recognized the project as a potential rug pull, and opposition lawmakers called for Milei's impeachment.

Davis released a video statement claiming he had $100 million to inject back into the project and voiced his support for Milei. The Office of the President released a statement denying Davis' connection to the government and announcing an investigation into the matter. On Feb. 17, Argentine lawyers filed fraud charges against Milei, and a law firm filed a criminal complaint with the US Department of Justice and the FBI.

Davis attempted to distance himself from the project in an interview with scam investigator Coffeezilla, claiming it was "a plan gone very wrong, at a presidential level." He admitted to being involved in the Official Melania (MELANIA) token, which many have characterized as a rug pull. The situation around Libra continues to develop, with the main question being what Davis will do with the $100 million he claims to have in his possession.