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

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.”

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.