What is the crypto scandal involving Argentina's president Javier Milei?

Argentina's president Javier Milei is at the center of a crypto scandal that has led to impeachment calls and legal action accusing him of fraud. The controversy began when Milei promoted a cryptocurrency meme coin on his X social media platform, claiming it would help fund small businesses and startups. He even shared a purchase link, causing the coin's price to initially surge. However, within hours, the cryptocurrency's value plummeted dramatically, resulting in significant financial losses for investors. This rapid collapse after the president's endorsement has sparked accusations of potential market manipulation and raised serious questions about his role in promoting the volatile asset.