Argentina President Javier Milei Shuts Down Unit Investigating Libra Crypto Scandal

The saga around the Solana meme coin Libra has taken a new turn, with Argentina President Javier Milei shutting down the unit probing the crypto scandal. The president was at the centre of this saga, having promoted the meme coin’s launch in February earlier this year.

Javier Milei Dismantles Task Force Probing Libra Crypto Scandal

According to CNN Chile, the Argentine president issued a decree dissolving the Investigation Task Unit (UTI). The unit came into existence in February, following the Libra crypto scandal, which caused investors to lose millions of dollars while insiders reportedly made over $4 billion.

The decree published in the Official Gazette of the Nation said,

The Government considers that the information collected was forwarded to the Public Prosecutor’s Office and that the Unit has fulfilled the task assigned by Decree No. 114/25

Javier Milei had played an active role in the Solana meme coin’s surge, promoting Libra on his X platform, with the caption “for the growth of their economy.” However, the coin was a scam, losing over $4.4 billion of its market cap within hours. As CoinGape reported about the Libra token scam, the team, which included Hayden Davis, withdrew $87 million from the liquidity pool, and insiders cashed out $107 million, contributing to the sharp decline.

Following criticism of Milei’s role in promoting the token, the government created the UTI, which was tasked with determining whether there were “irregularities or acts of corruption” regarding the president’s promotion of the Solana meme coin.

While Javier Milei has dissolved the unit, investigations against the president are still ongoing. CNN Chile reported that Argentine and international justice systems, especially in the US and Spain, are advancing investigations into the president’s role and that of his sister, Karine Milei, the Secretary General of the Presidency. The Argentine parliament has also instituted a commission to investigate the case.

Similar to Javier Milei’s saga, US President Donald Trump has also faced backlash from Democrats over his TRUMP meme coin, alleging a case of corruption against the president. However, nothing substantial has come out of these allegations. The president has planned a TRUMP meme coin dinner on May 22, where he will host top holders of the meme coin.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.

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