A judge in Argentina was selected Monday to investigate allegations of fraud against President Javier Milei for his brief promotion of a cryptocurrency whose value collapsed within hours of its launch last week.

Argentine President Javier Milei has denied promoting a newly launched cryptocurrency which collapsed shortly after he mentioned it in a social media post on Friday. The cryptocoin $Libra quickly rose in value before nosediving, causing severe losses for the majority of people who had invested in it.

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.