Argentina’s President Ends Probe Into Libra Ongoing Investigations

Argentina’s President Javier Milei has suddenly decided to shut down the unique Investigation Task Unit (UTI) team investigating the Solana-based memecoin called Libra.

This team was set up after the token crashed, leading to enormous losses for investors and controversy. Despite shutting down the task force, investigations into Milei’s role continue in Argentina and abroad.

The Rise and Fall of Libra Memecoin

The Libra memecoin was launched earlier this year, sparking excitement across the crypto space. The coin got much attention after President Javier Milei publicly backed it. He claimed the digital asset could boost Argentina’s economy. 

However, the hype was short-lived. Shortly after its launch, the coin’s value plunged by over $4 billion, wiping out investors’ capital. Investigations later revealed that the team behind Libra, including Hayden Davis, had drained $87 million from its liquidity pool. 

Also, insiders allegedly cashed out an additional $107 million. This sharp decline wiped out millions of dollars in investor funds.

Argentina Government Probes Milei’s Libra Links

The scale of the scandal and Milei’s direct involvement drew strong criticism. In February, the Argentine government formed the Investigation Task Unit (UTI) to address the crisis. Its purpose was to examine whether Milei or others involved acted improperly or engaged in corruption linked to the Libra promotion. 

The unit collected extensive information and forwarded its findings to the Public Prosecutor’s Office as part of the legal process. 

President Milei’s Decree to Dissolve the Task Unit

In a surprising move, President Milei issued a decree to dissolve the investigating team. This came shortly after a federal judge asked the country’s central bank to lift the privacy on Milei’s personal bank accounts. 

According to the official statement, the government believes the task force completed its work by delivering necessary information to prosecutors. While this step effectively ends the formal investigation unit, it does not stop the ongoing legal inquiries into the case. 

Investigations into the president’s involvement remain active across multiple jurisdictions. Authorities in Argentina, the United States, and Spain are interested because the coin was used worldwide and used for cross-border transactions.

The involvement of Milei’s sister, a senior government official, has added another layer of complexity, with one of LIBRA’s co-founders claiming to pay her in exchange for promotional favor. 

At the same time, Argentina’s parliament is still investigating the case, showing that it wants to learn everything about the issue.

The Libra incident is similar to other cases. In the United States, President Donald Trump is facing accusations about his TRUMP memecoin. While there have been no precise results, more political leaders are getting involved in risky crypto projects. This often leads to legal and ethical questions.