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.

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.

Argentina's benchmark S&P Merval stock index tumbled close to 4% on Monday, after libertarian President Javier Milei touted a cryptocurrency which crashed soon after, in a case the country's fintech chamber said could amount to a "rug pull.