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 holds the world’s fourth-largest reserves of shale oil and more shale gas than anywhere except China. Argentines started tapping Vaca Muerta around a decade ago. Production grew steadily. Then, a few years ago, it exploded. In 2024 Argentina exported more energy than it imported for the first time in 14 years.

Milei could face an impeachment trial in Congress, opposition lawmakers said, after he touted a cryptocurrency which crashed soon after.

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.