Argentine President Javier Milei is currently under investigation for his promotion of the meme coin $LIBRA, which is tied to a scandal known as 'cryptogate.' This scandal has garnered public criticism and legal scrutiny.
Initially, the price of $LIBRA surged to over $4 billion shortly after its launch but subsequently plummeted, resulting in various criminal complaints against Milei.
According to a poll by Zuban Cordoba and Associates, nearly 67% of respondents consider cryptogate to be Milei's most significant crisis, with over 83% suggesting he should refrain from his role as a social media influencer.
Critics, such as Hayden Davis, argue that meme coins like $LIBRA contribute to a system that favors a few, prompting concerns about Milei's credibility and international investment relationships.