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.

Argentine President Javier Milei shared a link on X promoting a cryptocurrency called $LIBRA. The project, he claimed, will help "foster the growth of the Argentine economy by funding small companies and ventures.

Argentine President Javier Milei is facing calls for impeachment after promoting a little-known cryptocurrency, whose price soared then collapsed after his endorsement, leading to losses for thousands of investors.

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 has denied promoting a newly launched cryptocurrency which collapsed shortly after he mentioned it in a social media post on Friday. The cryptocoin $Libra quickly rose in value before nosediving, causing severe losses for the majority of people who had invested in it.

Argentine President Javier Milei faces his first major political crisis as the so-called cryptogate scandal shakes his credibility. The failed cryptocurrency endorsement has sparked a legal and political backlash.

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.

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.