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Overview

Javier Milei Rug Pull Scandal, also known as Javier Milei Crypto Crash, Libra Meme Coin Collapse or $LIBRA Rug Pull, refers to the launch of the meme coin and cryptocurrency $LIBRA by Argentina's President Javier Milei in mid-February 2025, which escalated to accusations that it was a rug pull. The meme coins' launch resulted in a loss of over $4.4 billion in market capitalization within hours, leading to accusations of fraud and calls for impeachment. Online, netizens also posted memes and parody videos mocking Argentina's failed crypto venture.

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Background

On February 14th, 2025, Argentine President Javier Milei launched a meme coin called Libra ($LIBRA), claiming it would promote economic growth by funding small businesses and startups.[11] Milei has since deleted the tweet, which featured a direct link to the project, fueling speculation that Libra had official government support.[10]

The X[1] page @AssLatam posted a screenshot (seen below) a few hours after the original post, which amassed more than 219,000 views and 1,700 likes in five days.

Javier Milei → @JMilei La Argentina Liberal crece!!! Seguir Este proyecto privado se dedicará a incentivar el crecimiento de la economía argentina, fondeando pequeñas empresas y emprendimientos argentinos. El mundo quiere invertir en Argentina. vivalalibertadproject.com Contrato: Bo9jh3wsmcC2AjakLWzNmKJ3S gtZmXEcSaW7L2FAvUsU $LIBRA VIVA LA LIBERTAD CARAJO...!!!

President Milei later shared a statement on X on February 17th, 2025, alleging he had acted "in good faith" and dismissed investors' complaints, comparing their actions to people who gamble, saying, "If you go to a casino and lose money, what's there to complain about when you knew the risks?"[9]

Developments

$LIBRA Meme Coin Collapse

Within hours of $LIBRA's release in the crypto sector on February 17th, 2025, the coin reached a market cap (seen below) of over $4.4 billion,[2] but shortly after, the token collapsed massively after its developers reportedly withdrew between $80-$100 million less than an hour after creating it,[11] sparking allegations of a coordinated rug pull scheme.[3]

According to The Financial Times,[4] Argentina’s stock market fell more than 5 percent on February 17th, 2025, but luckily few Argentines were financially affected by the coin’s crash, "with the country’s fintech chamber saying analysis of X posts suggested most $LIBRA buyers were in the US and Asia," they wrote.

Calls For Javier Milei's Impeachment

President Javier Milei's Libra token launch sparked outrage online in mid-February 2025, especially among Argentine opposition, where politicians asked for an investigation into the meme coin, sparking impeachment[5] calls and legal action accusing him of fraud over his promotion of the cryptocurrency on X.

On February 17th, 2025, the news site Al Jazeera[6] posted a video to its YouTube channel explaining Milei's fraud allegations over the cryptocurrency post (seen below), which received roughly 11,000 views and 220 likes in a day.

Online Reactions

President Milei's failed crypto venture also sparked significant debate and memes on social media. For instance, on February 17th, 2025, YouTuber[7] Cr1TiKaL uploaded a video commenting on the Argentinian meme coin launch, titling it, "Craziest Rug Pull Ever." The video (seen below) amassed over 934,000 views and 51,000 likes in a day.

On February 16th, 2025, Redditor[8] u/G4130 posted a Political Compass image mocking Milei's Libra meme coin (seen below), which received roughly 100 upvotes and 50 comments in two days.

Search Interest

External References



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