The Argentinian president faces political backlash after he promoted a cryptocurrency whose value quickly plummeted. It was launched under suspicious circumstances by a young American claiming to be an 'adviser.

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.

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.