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.

On February 15th Mr Davis called himself “Javier Milei’s adviser” and said that he was “working with him and his team”. Mr Milei’s office has said the government has no connection to Mr Davis. This was not Mr Milei’s first brush with crypto controversy.

Critics have accused Milei of involvement in the rapid rise and fall of a cryptocurrency, costing investors thousands.

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 lawyers filed fraud complaints against President Javier Milei in criminal court on Sunday for promoting a cryptocurrency on his social media, one of the lawyers told The Associated Press.

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.

In a television interview, Milei said the scandal was a "slap in the face", and he described himself as a "techno-optimist" who was just trying to "help fund Argentine projects". Lashing out at political opponents who had criticised him, he said that "every day they confirm how lowly politicians are".

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 President Javier Milei deleted his promotional X post and disavowed the LIBRA project, but not before investors lost millions.

Milei’s memecoin foray has led to a flood of finger-pointing over who was responsible for the cryptocurrency’s crash.