Politician-linked meme coins backfire after Libra scandal

Crypto industry wary as coins spark backlash

Argentinian President Javier Milei promoted the Libra coin.

A cryptocurrency that briefly surged on Argentine President Javier Milei's support before crashing is the latest in a series of politically endorsed meme coins facing a backlash.

The Libra cryptocurrency was launched in Argentina last Friday, after US President Donald Trump and his wife released cryptocurrencies named after themselves three days before Trump's inauguration on January 20. Central African Republic's President Faustin-Archange Touadera also created an official meme coin earlier this month.