Argentina may soon launch an investigation into officials connected to a crypto scam involving $LIBRA, which resulted in nearly $250 million in losses for investors.
$LIBRA Probe: Is Argentina’s President Javier Milei in Hot Water?
On Tuesday, Argentina’s House of Representatives voted to approve three draft resolutions aimed at establishing a special committee to investigate the Libra cryptocurrency scandal, which has been linked to President Javier Milei since February. Gabriel Bornoroni, a member of the Liberal Progressive Party, defended the president during the debate, suggesting that the opposition was merely putting on a show, noting that the ruling party had maintained a fiscal surplus throughout 2024 and into 2025.
With the $LIBRA case now officially open, the investigative body will summon key government figures, including Economy Minister Luis Caputo and Justice Minister Mariano Cúneo Libarona. They will also invite Cabinet Chief Guillermo Francos and National Securities Commission Chairman Roberto Silva to participate in the inquiry.
The Libra token, which Milei had previously promoted as having a market value of $4.5 billion, plummeted by nearly 90% within hours on February 14-15. Milei deleted his promotional tweet shortly after the crash, claiming he was unaware of the project’s details.
Two days later, an Argentine criminal court filed fraud charges. The crash led to losses for around 75,000 wallet holders, totaling more than $250 million. The congressional investigation will run alongside an ongoing judicial inquiry looking into possible connections between Milei and the developers of Libra. In March, an Argentine lawyer called for the arrest of Kelsier Ventures CEO Hayden Davis, who had introduced Libra to Milei during a meeting in January.
The investigation into Libra hasn’t stopped there; recently, a New York-based law firm began soliciting investors to support a potential lawsuit.
The crash of Libra sent shockwaves through the crypto industry, particularly because of President Milei’s involvement. A strong crypto supporter, Milei found himself embroiled in a political scandal after his connection to the project became public.
Also Read: BNB Projects Four.meme, MyShell, and Bacon Protocol Unite to Donate to $LIBRA Victims
