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.

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.

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