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 their own.

President Javier Milei posted on X recommending the little-known crypto coin $LIBRE, which soon after shot up to nearly $5 apiece. Hours later, it plummeted to under $1.

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.

The budding scandal in Argentina has been dubbed locally as “cryptogate” and has links to a diverse cast of characters, including a high-profile U.S. influencer, a crypto developer who uses the pseudonym “Meow,” and a 28-year-old American entrepreneur who said he helped launch first lady Melania Trump’s meme coin last month.

An Argentine judge was assigned on Monday to investigate President Javier Milei's role in promoting a cryptocurrency that crashed, the latest shockwave from a scandal that has threatened to slow the libertarian leader's momentum.

Argentina's presidential spokesperson Manuel Adorni said on Tuesday that it was "insulting" to speculate that bribes where involved in the case of libertarian President Javier Milei promoting a cryptocurrency that rapidly slumped.

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.