A judge in Argentina has been appointed to investigate fraud allegations against President Javier Milei for promoting the $LIBRA cryptocurrency, which collapsed within hours of its launch last week.

Milei distanced himself from the project, stating he acted in good faith, and denied involvement with its creators.

While he initially supported the cryptocurrency as an entrepreneurial project, he later retracted his endorsement as its value plummeted.

Lawyers filed fraud complaints, and the case was assigned to Judge María Servini, ABC News has reported.

Milei’s office stated he was not involved in the cryptocurrency’s development and accused his political opponents of exploiting the incident.

Written by B.C. Begley