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.

An estimated 86% of crypto traders that took positions in a memecoin endorsed by Argentine President Javier Milei on Friday ended up losing money, according to research firm Nansen.

The Argentinian president faces impeachment charges for endorsing a crypto rug pull, via the same network that apparently launched Melania Trump’s memecoin.

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.

A new report cites text messages that appear to show the crypto mogul bragging about exerting some sort of control over the Argentinian leader.

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.”

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.