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.

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 impeachment calls after he promoted a little known cryptocurrency libra, which soared and soon plunged. However, it is unlikely to upend Milei’s presidency,

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.

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 ex-president, Cristina Fernández de Kirchner, branded Milei a "crypto scammer" on social media and accused him of turning “Argentina into a casino.”

The budding scandal in Argentina has been dubbed locally as “cryptogate” and has links to a diverse cast of characters, including a high-profile U.S. influencer, a crypto developer who uses the pseudonym “Meow,” and a 28-year-old American entrepreneur who said he helped launch first lady Melania Trump’s meme coin last month.

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.