On February 15th Mr Davis called himself “Javier Milei’s adviser” and said that he was “working with him and his team”. Mr Milei’s office has said the government has no connection to Mr Davis. This was not Mr Milei’s first brush with crypto controversy.

The Argentinian president faces impeachment charges for endorsing a crypto rug pull, via the same network that apparently launched Melania Trump’s memecoin.

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.