A new cryptocurrency called $Libra bilked investors out of $250 million. It had been promoted by President Javier Milei.

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.

Argentina’s president Javier Milei literally wiped out the meme coin market in just five hours today, and might have incinerated his reputation along with it.

Argentine President Javier Milei is under federal investigation after endorsing the cryptocurrency $LIBRA, which saw a meteoric rise and collapse within hours, erasing over $4.4 billion in market value.

Here’s what happened: Late Friday night, Milei fired off a tweet lending his support to a cryptocurrency token called $LIBRA. Milei described the coin to his nearly four million followers as a “private project dedicated to encouraging the growth of the Argentine economy,” claiming that it would be “funding small Argentine businesses and ventures.”

The controversy has turned what was once a promising regulatory path into political quicksand, leaving Argentina’s crypto landscape in turmoil. The promise of crypto regulation in Argentina, once fueled by the rise of pro-crypto president Javier Milei in late 2023,

A new report cites text messages that appear to show the crypto mogul bragging about exerting some sort of control over the Argentinian leader.

Argentina's ex-president, Cristina Fernández de Kirchner, branded Milei a "crypto scammer" on social media and accused him of turning “Argentina into a casino.”

The "LIBRA" memecoin scandal centers around allegations that President Javier Milei promoted a cryptocurrency that rapidly gained value and then collapsed, leading to significant investor

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.