Argentine President dissolves an investigation team to look into the fraudulent LIBRA memo he promoted

Argentine President Javier Milei has disbanded the special investigative team (Unidad de Tareas de Investigación, UTI) created to investigate the scandal around the LIBRA token. Milei himself actively promoted this memecoin, which eventually turned out to be fraudulent and left hundreds of investors with nothing. This decision caused a wave of criticism from the opposition, which accuses the president of trying to avoid responsibility and conceal his possible involvement in financial fraud. Before that, Milei was threatened with impeachment.

UTI was created three months ago after Milei posted a message on the X network (formerly Twitter) calling for investment in LIBRA, positioning the coin as a tool to support small businesses in Argentina. After that, the token skyrocketed in price, reaching a market capitalization of $4.5 billion in just a few hours. But soon after, memecoin collapsed by 97%. The investigation showed that a significant portion of the tokens were concentrated in several wallets linked to developers who withdrew more than $100 million, which raised suspicions of pump-and-dump fraudThe value of an asset is artificially inflated and then quickly sold..

After the LIBRA meme went down, Miley deleted his post and said he was not aware of the details of the project. The opposition accused the Argentine president of using his status to promote a dubious asset. More than 100 complaints were filed with the courts, and an investigation was launched into possible violations of the Law on Public Ethics

The dissolution of UTI was formalized by Decree No. 332, signed by Milei and Justice Minister Mariano Cuneo Libarona. The document states that the group completed its work by submitting the collected data to the prosecutor’s office. However, there has been no public report on the results of the investigation.

Opposition MPs announced their intention to resume the work of the parliamentary commission to investigate the LIBRA case, which was previously blocked by the ruling coalition. In addition, the judicial authorities of Argentina and the United States continue to investigate, in particular, Milei, his sister Karina and other persons associated with the launch of the cryptocurrency

Source: El Pais