Because of Miley's call to invest in cryptocurrency, 40 thousand Argentines were affected

Argentine President Javier Milay may face criminal proceedings and impeachment. He published in his social networks a call to invest in cryptocurrency, which, as it later turned out, was backed by fraudsters.

The Argentine leader urged his followers to invest in a cryptocurrency with the name $Libra, consonant with the name of the libertarian party La Libertad Avanza ("Freedom is coming"), on February 14.

Within minutes, the price of the cryptocurrency rose to $5, and then fell below $1. A small group of cryptocurrency holders were able to make millions of dollars on the jump, while 40 thousand Argentines lost their investments - losses exceeding $4 billion. More than 100 lawsuits from ordinary citizens have been filed with law enforcement agencies of the South American state.

"There is absolutely no doubt now that public confidence in Miley is slightly shaken. Probably his electoral core - those who have accompanied him since the first round of elections will stay with him, but those who started supporting him closer to the second round of elections will start to think twice. "Most of us have a clear understanding that if it wasn't a crime, it certainly wasn't the cleanest act," Dr. Juan Manuel Abal Medina, a professor at the University of Buenos Aires, explained to Izvestia.

According to him, in the short term, Miley is unlikely to face impeachment, but the investigation against him will definitely begin and the longer it goes on, the greater the chances for the opposition to impeach him.

Read more in Izvestia's exclusive piece:

Coin thief: Miley may face a criminal case because of his connection with fraudsters