Argentine President Javier Milei faces a fraud investigation after promoting a cryptocurrency that collapsed within hours, vaporizing billions in value.

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

Argentina’s president spoke out for the first time about a cryptocurrency scandal that has dented his reputation.

The Argentine president, an economist to boot, encouraged the purchase of $LIBRA, the price of which immediately plummeted. The opposition has announced its intention to start impeachment proceedings.

$LIBRA is a token issued by entrepreneur Hayden Davis, who is also the CEO of a crypto investment firm called Kelsier Ventures, according to a report by Bloomberg. KIP Protocol, a Web3 company building a decentralised AI framework, reportedly played a role in the launch of $LIBRA as well.

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.