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.

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.

Argentina’s President Javier Milei has found himself at the center of a cryptocurrency scandal after a token he promoted, Libra, led to massive losses for retail traders. Research firm Nansen estimates that 86% of those who invested in the memecoin lost money,

Javier Milei’s crypto stunt wiped out $251 million in trader losses overnight. The Argentine president endorsed a Solana-based memecoin, $LIBRA, on Friday, pushing its value to $4.5 billion before it collapsed.