In February 2025, Argentine President Javier Milei became embroiled in a significant controversy following his promotion of the cryptocurrency $LIBRA. On February 14, Milei shared a post on his social media accounts endorsing $LIBRA, leading to a rapid surge in its value from $0.000001 to $5.20 within minutes. However, the price collapsed shortly thereafter, resulting in substantial financial losses for approximately 74,000 investors. Reports indicate that nine founding accounts profited by approximately $87 million during this event, which has been characterized by some as a "rug pull" scam.

In response to the backlash, Milei deleted his original post and stated that he had shared information about the cryptocurrency without being fully informed of the project's details. He denied any wrongdoing, asserting that investors were aware of the associated risks. Despite his claims, over 100 complaints have been filed against him, leading to an investigation by federal judge María Servini. The opposition has also called for his impeachment, accusing him of fraud and misconduct.

The scandal has had broader implications, including a 5.6% drop in the Buenos Aires Stock Exchange index. Additionally, Hayden Mark Davis, an entrepreneur associated with the $LIBRA project, claimed to have been left holding $100 million and expressed uncertainty about how to proceed. This incident has intensified scrutiny of Milei's administration and raised concerns about the regulation and promotion of cryptocurrencies by public officials.