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.

An estimated 86% of crypto traders that took positions in a memecoin endorsed by Argentine President Javier Milei on Friday ended up losing money, according to research firm Nansen.

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.