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,

Around $99 million worth of cryptocurrency was withdrawn from the marketplace of a coin at the centre of a scandal in Argentina by eight digital wallets linked to the crypto token's creator, blockchain researchers said.