In a post to Elon Musk’s X platform on Friday night, Mr Milei appeared to back the $LIBRA cryptocurrency coin, which he said was “dedicated to encouraging the growth of the Argentine economy”.

Five hours later, the controversial libertarian deleted the post and then distanced himself from the venture, saying he was “not familiar with the details of the project” and had “decided not to continue disseminating it”.

In the meantime, the price of $LIBRA had skyrocketed and then collapsed, The New York Times reports. The newspaper spoke to a 28-year-old lawyer who said he had lost around 90% of his $150 USD investment.

Mr Milei has asked Argentina’s anti-corruption watchdog “to determine whether there was improper conduct on the part of any member of the national government, including the president himself”, a spokesperson said on Saturday.

Opposition politicians have threatened to impeach Mr Milei in connection with the saga.

Separately, a group of lawyers have reportedly submitted a criminal complaint of fraud, claiming the incident carries hallmarks of a “pump and dump” crypto scam.