According to news outlets, the libertarian Milei had posted a message on social media platform X Friday evening, praising 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, naming the cryptocurrency along with a website for the project.

Hours later, Milei deleted the message, explaining: “I did not know the details of the project and after learning about it, I decided not to continue spreading it.”

He added he had “obviously no connection” with the “alleged private company”.

However, industry observers called the operation a “rug pull” – a scam where developers unveil a crypto token, attract investors, then quickly cash out.

“Within minutes of the launch, multiple large holders began liquidating millions of US dollars worth of $Libra,” The Kobeissi Letter, which provides analysis on global capital markets, said in a thread on X.

“This included gains of US$4 million or more as $Libra rose to US$4.6 billion in market cap. After the top was set at 5.40pm, the coin fell in a literal straight-line.”

Javier Smaldone, a computer scientist and digital influencer known for his denunciation of pyramid schemes, called the short-lived operation a “global scam”, in a post on X.

“So far, it has been discovered that the profit made is around US$107 million. Maybe more,” he told AFP.

On Saturday, former president and opposition figure Cristina Kirchner called Milei a “crypto-scammer.”

Maximiliano Ferraro, of the centre-right Civic Coalition, said Parliament must create a “special inquiry commission” to “clarify the facts and determine responsibility”.

It appeared Milei was preparing to defend himself.

Francisco Onato, identified in local media as Milei’s personal lawyer, posted on X that the president merely highlighted a company to boost Argentina’s economy.

His behaviour “does not constitute any crime, due to the lack of intention,” he argued.