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 controversy has turned what was once a promising regulatory path into political quicksand, leaving Argentina’s crypto landscape in turmoil. The promise of crypto regulation in Argentina, once fueled by the rise of pro-crypto president Javier Milei in late 2023,

Argentine President Javier Milei faces his first major political crisis as the so-called cryptogate scandal shakes his credibility. The failed cryptocurrency endorsement has sparked a legal and political backlash.

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.

Milei could face an impeachment trial in Congress, opposition lawmakers said, after he touted a cryptocurrency which crashed soon after.

BUENOS AIRES (Reuters) - Argentina's presidential spokesperson Manuel Adorni said on Tuesday that it was "insulting" to speculate that bribes where involved in the case of libertarian President Javier Milei promoting a cryptocurrency that rapidly slumped.

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.