Argentinian President Javier Milei mocked opposition efforts to impeach him amid accusations of fraud after a cryptocurrency he shared on social media crashed, inflicting big losses on those who bought in.

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.