A judge in Argentina has been selected to investigate allegations of fraud against President Javier Milei for his brief promotion of a cryptocurrency that collapsed in value hours after it was launched last week.

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

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.

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 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.

Milei’s memecoin foray has led to a flood of finger-pointing over who was responsible for the cryptocurrency’s crash.

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.

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.