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.

The Argentine president is scheduled to meet with the head of the IMF to secure more funding, and hopes to meet with Donald Trump at the Conservative Political Action Conference

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.

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

The Argentine president, an economist to boot, encouraged the purchase of $LIBRA, the price of which immediately plummeted. The opposition has announced its intention to start impeachment proceedings.

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 Pre

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.