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.

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

On February 14, Javier Milei posted a link to the Libra meme coin project on X, touting its dedication to “encouraging the growth of the Argentine economy.” Hours later, the Argentine President deleted the tweet and posted, “I was not aware of the details of the project and after having become aware of it I decided not to continue spreading it.”

After Javier Milei’s meme coin endorsement, a little-known advisor to the Argentine president said he’s been left holding a $100 million bag.