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.

The promise of crypto regulation in Argentina, once fueled by the rise of pro-crypto President Javier Milei in late 2023, has come crashing down as hopes for progress in the sector’s regulatory framework vanish following the scandal surrounding memecoin Libra (LIBRA).

The crypto assets experienced a dramatic rise and fall within hours. Following Javier Milei's endorsement, the price jumped but later led to billions of dollars' market cap being wiped

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.

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

Lawyers in Argentina are pressing charges against the country's president, Javier Milei, over this weekend's 'rug pull' of the Libra token, the Associated Press reports.

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.