Argentina’s president Javier Milei literally wiped out the meme coin market in just five hours today, and might have incinerated his reputation along with it.

Argentin’s president Javier Milei is now facing criminal fraud charges for his meme coin $LIBRA that collapsed within hours, in a classic rug pull. Lawyers Jonatan Baldiviezo, Marcos Zelaya, María Eva Koutsovitis,

Here’s what happened: Late Friday night, Milei fired off a tweet lending his support to a cryptocurrency token called $LIBRA. Milei described the coin to his nearly four million followers as a “private project dedicated to encouraging the growth of the Argentine economy,” claiming that it would be “funding small Argentine businesses and ventures.”