Argentina's crypto-bro president is finding out the hard way that shilling tokens has consequences.

Javier Milei's approval rating just nosedived to depths that would make even LUNA investors wince, with nearly 60% of Argentinians now disapproving of their meme-loving leader.

Turns out promoting a pump and dump scheme isn't great for your political career – who knew?

The LIBRA Rug Pull

In case you missed the whole "Cryptogate" saga, Milei basically played crypto influencer and shilled a token called LIBRA on social media.

The token pumped from practically zero to $5.20 in a matter of hours – never a good look for anyone, let alone a sitting president. 

Then came the classic rug pull – Milei deleted his endorsement, insiders dumped their bags, and regular investors got absolutely rekt.

It's the same old crypto story, just with a presidential Twitter account instead of some anonymous dev with an anime profile pic.

The Popularity Death Spiral

The latest Zuban Córdoba poll shows 57.6% of Argentinians now distrust their president – which is actually better numbers than most crypto founders post-rug.

A brutal 58.5% have a negative image of Milei, while 58.4% disapprove of his running of the country.

The polling firm called it a "crisis of disillusionment," which is basically pollster-speak for "this dude is cooked."

Once you lose credibility in politics, it's harder to get back than Bitcoin recovery phrases written on soggy napkins.

But Wait, It Gets Worse

Argentinians aren't just mad about the crypto scam – they're also not thrilled about the whole economic dumpster fire thing.

55.8% think Milei doesn't have inflation under control, which is like saying water is wet in a country where inflation has been a national sport for decades.

Another 52% believe robberies have increased under his watch – though to be fair, the biggest robbery might have been the LIBRA token itself.

When you're bleeding support on both crypto and traditional issues, that's what we in the industry call "maximum pain."

The Legal Chainsaw

Opposition lawmakers have initiated impeachment on the back of this monumental shift in sentiment.

They're accusing Milei of straight-up misleading investors and contributing to the token's collapse – basically the same charges the SEC throws at every crypto founder, only this time it’s all out in the open and fully provable. 

The U.S. Department of Justice is also investigating for potential fraud and market manipulation, because apparently the U.S. now polices crypto scams worldwide.

There are even calls for an international arrest warrant for Hayden Davis, the shadowy figure behind LIBRA – good luck finding that guy if he's got a decent VPN.

The Sister Plot Twist

The spiciest rumor is that Milei's sister Karina might actually be the mastermind behind the whole LIBRA project.

If true, that would make this less "Cryptogate" and more "keeping the rug pull in the family."

Politicians usually try to keep their corrupt dealings at least one or two connections removed – not Milei though, he's disrupting nepotism too.

All this from the guy who campaigned with a literal chainsaw promising to cut corruption.

The Short Lives Disruption

Milei just provided the perfect case study in how not to mix politics with crypto.

His approval rating is dumping hard as Argentinians are learning that electing a memeable president doesn't always translate to good governance.

And the crypto industry gets another black eye just when institutional adoption was starting to look promising.

Maybe next time stick to boring old fiat corruption schemes – they're much harder to track on a public ledger.