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

A meme coin scandal and investigation have dented the popularity of Argentina's libertarian President Javier Milei and hindered his efforts to strengthen political alliances ahead of congressional midterm elections this year.

Argentina’s libertarian president, Javier Milei, posted a link on X/Twitter to promote $Libra, a new cryptocurrency that, in his words, would “promote economic growth in Argentina and fund small business and entrepreneurship in Argentina.

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.

Now, Milei’s opponents are calling for his impeachment. The scandal has also ensnared Milei’s sister and General Secretary, Karina Milei—his closest advisor and gatekeeper. She first met with a crypto consultant at the Casa Rosada,