Argentine President Javier Milei is facing a corruption probe into his promotion of a meme coin, which is a highly speculative form of cryptocurrency that’s seen a recent surge in popularity after President Donald Trump and his wife launched tokens of their own.

The Argentinian president faces impeachment charges for endorsing a crypto rug pull, via the same network that apparently launched Melania Trump’s memecoin.

An estimated 86% of crypto traders that took positions in a memecoin endorsed by Argentine President Javier Milei on Friday ended up losing money, according to research firm Nansen.

A judge in Argentina has been selected to investigate allegations of fraud against President Javier Milei for his brief promotion of a cryptocurrency that collapsed in value hours after it was launched last week.

Argentine President Javier Milei is facing impeachment calls after he promoted a little known cryptocurrency libra, which soared and soon plunged. However, it is unlikely to upend Milei’s presidency,

The scandal surrounding President Milei’s endorsement of the LIBRA memecoin has cast doubt on Argentines’ hopes for crypto-friendly regulation.

On February 15th Mr Davis called himself “Javier Milei’s adviser” and said that he was “working with him and his team”. Mr Milei’s office has said the government has no connection to Mr Davis. This was not Mr Milei’s first brush with crypto controversy.

Argentina's president faces his first major political crisis as the so-called "cryptogate" scandal shakes his credibility. The failed cryptocurrency endorsement sparks legal trouble, political fallout and media backlash.