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's brief social media endorsement of the Libra memecoin turned sour as an estimated 86% of traders that took stake in the cryptocurrency lost a combined $251M in a swift crash.

Critics have accused Milei of involvement in the rapid rise and fall of a cryptocurrency, costing investors thousands.

The president of Argentina tweeted about a digital token called $LIBRA shortly before it collapsed. View on euronews

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.

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.”

On February 15th Mr Davis called himself “Javier Milei’s adviser” and said that he was “working with him and his team”. Mr Milei’s office has said the government has no connection to Mr Davis. This was not Mr Milei’s first brush with crypto controversy.

Argentine President Javier Milei faces a fraud investigation after promoting a cryptocurrency that collapsed within hours, vaporizing billions in value.

Argentina’s libertarian president, Javier Milei, posted a link on X/Twitter to promote $Libra, a new cryptocurrency that, in his words, would “promote economic growth in Argentina and fund small business and entrepreneurship in Argentina.