CAR memecoin dips; Argentina president backs $4B scam coin

Touadera also posted a new video, touting himself as the “crypto president.”

“The future of CAR is in the hands of its youth,” Touadera stated, “…our vision is to teach them to embrace new technologies, including cryptocurrency, for the development of CAR.”

Milei faces impeachment over $4 billion scam coin

While the CAR leader stands firm in his support for his memecoin, Argentine president Javier Milei faces a criminal lawsuit and impeachment for supporting another scam token.

The eccentric leader posted on social media to support $LIBRA, a new token he said was “dedicated to encouraging the growth of the Argentine economy.” Milei deleted the tweet a few hours later and distanced himself from the project.

“I was not aware of the details of the project and after having become aware of it, I decided not to continue spreading it,” he posted.

However, the damage had been done, and investors rushed to purchase the new token. The surging demand pushed the price of $LIBRA from basically zero to $5, translating to $4 billion in market cap in a few hours.

Unlike the $CAR memecoin, $LIBRA was a well-orchestrated scam, with some wallets accumulating millions of tokens before it blew up and dumping immediately after it peaked. According to blockchain sleuths at Bubblemaps, 82% of the tokens supply “was held in one cluster.”

Speaking to CNN, blockchain security expert Pablo Sabbatella revealed that dozens of wallets were generating millions of dollars by selling a token they had only held for four hours. One wallet earned $87 million in profits, Sabbatella noted.

Milei now faces legal consequences and a threat to his one-year presidency. A group of Argentine lawyers have filed a lawsuit against the right-wing president, accusing him of being directly involved in fraud.

“Within this illicit association, the crime of fraud was committed, in which the presidents actions were essential,” says Jonatan Baldiviezo, one of the lawyers behind the lawsuit. He told AP that the group is pursuing criminal charges for Milei.

Milei‘s involvement could also cost him his seat. On Saturday, the country’s main opposition coalition, the Union for the Homeland (UxP), announced that its pursuing impeachment against the president.

However, experts say Milei is unlikely to lose his seat as an impeachment would require the support of two-thirds of Congress. While UxP holds a majority in both houses, smaller parties allied to Milei are unlikely to support his ouster.

All through, Milei has maintained that he was not involved with the project, nor did he know it would be rug-pulled. However, its founders insist that they have been working with the president and that he only backtracked due to public pressure.

“Despite prior commitments, Milei and his team unexpectedly changed their position, withdrawing their support and deleting all previous posts on social media,” said Hayden Davis, one of the projects founders.