A judge in Argentina has been selected to investigate allegations of fraud against President Javier Milei for his brief promotion of a cryptocurrency that collapsed in value hours after it was launched last week.

Argentina's presidential spokesperson Manuel Adorni said on Tuesday that it was "insulting" to speculate that bribes where involved in the case of libertarian President Javier Milei promoting a cryptocurrency that rapidly slumped.

Milei could face an impeachment trial in Congress, opposition lawmakers said, after he touted a cryptocurrency which crashed soon after.

Argentine lawyers filed fraud charges against President Javier Milei in criminal court on Sunday for promoting a cryptocurrency on his social media, one of the lawyers told The Associated Press. On Friday,

Milei later deleted his X post recommending the little-known crypto coin $LIBRA and said he had no relation to the cryptocurrency, but opposition lawmakers have said Milei could face an impeachment trial in Congress.

An ally of Trump and darling of the global right, Javier Milei tries to deflect critics after a cryptocurrency he endorsed collapsed, wiping out $4 billion in value.

Argentina President Javier Milei is facing withering criticism, including some calls for impeachment, after promoting a new cryptocurrency on his social media account.