Milei Stumbles Into Crypto Memecoin Scandal Before US Trip (3)

Late Friday night, prolific social media user Javier Milei directed followers to a site that purported to raise money for small businesses in Argentina using crypto.

Half a world away, digital currency entrepreneur Hayden Davis saw the value of the Libra token, a so-called memecoin he helped launch, begin to surge. Its market value flew past $1 billion, $2 billion, all the way over $4 billion.

When it collapsed, as such tokens often do, Milei’s presidency in Argentina was in crisis mode. Investors like Barstool Sports founder Dave Portnoy suffered steep losses and dubbed the token “the biggest rug pull ...