What was Argentina's President Milei's meme coin scandal about and what were its consequences?

President Milei promoted a cryptocurrency on social media, claiming it would fund small businesses and startups in Argentina. After his endorsement caused the coin's value to initially rise, it subsequently crashed, erasing $4.4 billion in value and causing substantial investor losses. The fallout has been severe, with opposition members planning impeachment proceedings and lawyers filing fraud complaints in Argentina's criminal court. Milei deleted his promotional post, denied connections to the cryptocurrency, and claimed he acted in good faith when approached about creating an instrument to fund Argentine projects.