Argentina's President Javier Milei faced criticism and threats of impeachment on Saturday after he made a post on social media promoting a cryptocurrency that quickly tanked in value.

Milei promoted a new cryptocurrency on social media platform X (formerly known as Twitter) which increased in value to $5 (€4.75) before quickly tanking to below $1.

Argentina's fintech chamber acknowledged that the case could potentially be a "rug pull" — a scheme where a cryptocurrency's creators quickly generate real investment to pump up the value before dumping their own stake.

"This scandal, which embarrasses us on an international scale, requires us to launch an impeachment request against the president," said opposition lawmaker Leandro Santoro.

What did Milei post?

Local media reported that Milei posted about a "private project" aimed at "stimulating the growth of the Argentine economy, by financing small businesses and Argentine entrepreneurs."

"The world wants to invest in Argentina. $LIBRA," the post reportedly said.

The cryptocurrency then increased in value, before tanking.

Milei deleted his post a few hours later.

"I was not aware of the details of the project and once I found out, I decided to not continue giving it publicity," he said on X.

Opposition slams Milei

Some opposition lawmakers said they would lodge an impeachment request against Milei.

Maximiliano Ferraro, of the center-right Civic Coalition, said Argentina's parliament must create a "special inquiry commission" to "clarify the facts and determine responsibility."

Meanwhile, former president and opposition figure Cristina Fernandez de Kirchner called Milei a "crypto-scammer."

Edited by: Wesley Dockery