Argentina’s Senate voted Thursday to scrap primary elections, delivering a major legislative victory to President Javier Milei just as he faces intense scrutiny over his role in a crypto rug pull that wiped $4.

A new report cites text messages that appear to show the crypto mogul bragging about exerting some sort of control over the Argentinian leader.

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.