The controversial memecoin LIBRA, with which Chow was associated, gained quick attention after Argentine President Javier Milei publicly mentioned the token. The value of LIBRA spiked to over $4 before plummeting to less than 50 cents.

Rumors of market manipulation were sparked by reports that insiders made over $100 million, while buyers suffered substantial losses.

Milei's involvement with the token has fueled political tension in Argentina, and opposition leaders have called for his resignation. The National Anti-Corruption Office is now reviewing the case, and federal judge María Servini is overseeing the legal investigation into the matter.

The LIBRA incident has sent shockwaves through the crypto space and highlighted the risks associated with trading memecoins.

Milei is not the first politician trying to cash in on the cryptocurrency trend. It wasn't long ago that Trump attempted the same with his memecoin 93462903749; the outcome is something we all have already seen. Many gullible investors are still licking their wounds and trying to recover from the losses that investing in these worthless coins brings.