Argentine President Javier Milei is facing calls for impeachment after promoting a little-known cryptocurrency, whose price soared then collapsed after his endorsement, leading to losses for thousands of investors.

Here’s what happened: Late Friday night, Milei fired off a tweet lending his support to a cryptocurrency token called $LIBRA. Milei described the coin to his nearly four million followers as a “private project dedicated to encouraging the growth of the Argentine economy,” claiming that it would be “funding small Argentine businesses and ventures.”

This article has been updated to add a statement from Argentina’s presidential office. Argentine President Javier Milei is facing calls for impeachment after endorsing a cryptocurrency project that collapsed in what analysts are calling a massive insider scam.