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.

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 has arrived in the United States as the narrative of the LIBRA scandal continues to hound him.

Argentina’s libertarian president Javier Milei has been buffeted by a scandal over his promotion of a memecoin that soared in value before collapsing, triggering impeachment calls and lawsuits.

An Argentine judge was assigned on Monday to investigate President Javier Milei's role in promoting a cryptocurrency that crashed, the latest shockwave from a scandal that has threatened to slow the libertarian leader's momentum.

Argentina holds the world’s fourth-largest reserves of shale oil and more shale gas than anywhere except China. Argentines started tapping Vaca Muerta around a decade ago. Production grew steadily. Then, a few years ago, it exploded. In 2024 Argentina exported more energy than it imported for the first time in 14 years.

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 has defended himself for promoting a cryptocurrency whose value collapsed within hours of its launch, likening those who invested in the token after his endorsement to gamblers at casinos.