Last Friday, Argentina’s libertarian president, Javier Milei, posted a link on X/Twitter to promote $Libra, a new cryptocurrency that, in his words, would “promote economic growth in Argentina and fund small business and entrepreneurship in Argentina.” The currency quickly rose in value, receiving support from the international cryptosphere and his base of hardcore supporters in Argentina. Within a few hours of Milei’s tweet, however, the coin became virtually worthless. The creators of the currency pulled their investments — around $100 million was withdrawn in total — resulting in multimillion-dollar profits for insiders and the sudden evaporation of the savings of some of Milei’s most ardent supporters.

The fate of $Libra’s investors mirrored that of those who a few weeks earlier invested in $Hawk, the cryptocurrency launched by the “Hawk Tuah girl.” But the big difference was that $Libra was not the product of an internet personality but of the president of the country with the world’s twenty-fourth highest GDP.

Due to Milei’s saintlike status within the right-wing online community, the currency seemed like a safe bet for those who identified ideologically with his political project. Some of his most loyal supporters reportedly lost their savings after investing in the currency. While the full effects of the apparent scam might not be known until much later, it is clear that Milei has seen a significant drop in support since the scandal, and lawsuits are currently being filed in Argentina and the United States.