Argentine President Javier Milei is facing a corruption probe into his promotion of a meme coin, which is a highly speculative form of cryptocurrency that’s seen a recent surge in popularity after President Donald Trump and his wife launched tokens of their own.

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.

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.