Argentine President Javier Milei landed in the United States on Feb. 20 for high-profile meetings and political engagements, but his trip is being overshadowed by the growing LIBRA memecoin scandal that threatens his credibility.

Milei’s agenda includes discussions with Tesla CEO Elon Musk, a meeting with International Monetary Fund (IMF) chief Kristalina Georgieva, and a speech at the Conservative Political Action Conference (CPAC), a right-wing event tied to former U.S. President Donald Trump. While these engagements could help shift attention away from recent controversies, the damage from the scandal is far from contained.

Dubbed “Cryptogate” by local media, the scandal erupted on Feb. 14 when Milei promoted the LIBRA memecoin on his X account, claiming it was aimed at boosting Argentina’s economy. Within hours, the token’s creators allegedly executed a rug pull, draining around $251 million and leaving investors in financial ruin. Milei has since attempted to distance himself from the controversy, giving a televised interview on Feb. 17 to clarify his position.

However, a Feb. 18 report from La Nación alleged that LIBRA co-creator Hayden Davis bribed Milei’s sister, Karina Milei, to gain influence over the president. Legal troubles are piling up, with fraud charges filed against Milei and growing calls for impeachment. While recent polls indicate that Argentines want an investigation, most do not support removing him from office.

Economist Carlos Melconian warned that the most damaging effect of the scandal might not be the financial losses but the erosion of trust in Milei’s leadership—a crucial factor in Argentina’s fragile economic recovery.