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 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.

Argentinian president Javier Milei is facing calls for impeachment and a possible criminal investigation for his role in the rise and fast collapse of a memecoin.

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.”

Milei could face an impeachment trial in Congress, opposition lawmakers said, after he touted a cryptocurrency which crashed soon after.

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.”

Milei defends $LIBRA by emphasizing he shared, not promoted, the token, amid claims of minimal impact on Argentine investors.

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.