- Argentina’s President Milei has officially ended the internal probe into the Libra crypto scandal by disbanding the task force.
- The move follows $250M in investor losses tied to a pump-and-dump-style rise and fall of the Libra token.
- Congress has yet to act on its own investigation, and top officials have dodged court-ordered appearances.
In a pretty unexpected twist, Argentina’s President Javier Milei has officially shut down the government task force that was digging into the whole Libra crypto scandal. According to Bloomberg, this means the state’s internal investigation into the matter is now over. The Investigative Task Force (UTI), created just three months ago, was supposed to uncover irregularities tied to Milei’s involvement with the controversial crypto token—specifically looking into what role he and his sister, Karina Milei, may have played in the whole thing.
Libra Controversy and Investor Fallout
The Libra token shot up in price after Milei publicly promoted it, only to nosedive soon after—leaving investors with losses totaling around $250 million. That rollercoaster triggered a bunch of public outrage, especially since it looked like a classic pump-and-dump situation. As pressure mounted, the government quickly formed the UTI to figure out what went down. But just as things were heating up, Milei and Justice Minister Mariano Cuneo Libarona signed off on dissolving the task force, stating in a decree that it had “fulfilled the functions assigned to it.”
A Scandal Wrapped in Bureaucracy
Critics argue this move reeks of damage control. The UTI had been gathering international and domestic documents, responding to court requests, and supposedly watching for any manipulation attempts. But now, all of that has been cut short. Meanwhile, the Argentine Congress formed its own special committee with 28 lawmakers to investigate the scandal, though nothing’s come from it yet. Neither Justice Minister Libarona nor Economy Minister Luis Caputo have shown up for a court-mandated summons.
What Comes Next?
The entire situation is murky. Milei has consistently denied any direct ties to the crypto token despite promoting it publicly, and calls for his impeachment have gained traction. With the official investigation shut down and the congressional committee stalling, a lot of folks are left wondering whether the truth will ever come out—or if this is just business as usual in Argentina’s messy political landscape.
Public Trust Wears Thin
For now, the Libra saga adds to an already complicated crypto-political mix in Argentina. And while some look to Bitcoin or other decentralized assets for hope, scandals like this only deepen skepticism. One thing’s clear: closing the book on the investigation won’t close the chapter for those who lost their savings chasing Milei’s crypto dreams.
