Investigation Targets Milei Administration Ties
Argentina’s Chamber of Deputies has approved the formation of a special investigative commission to examine the government’s involvement in the LIBRA meme coin scandal, which began after President Javier Milei promoted the token in February.
The vote passed with 128 in favor, 93 against, and 7 abstentions. The commission will question top officials, including the Economy and Justice Ministers, Chief of Staff, and the head of the National Securities Commission.
Token Crash Sparks Legal and Political Fallout
LIBRA, a Solana-based token marketed by Milei as a private initiative to boost startup funding, surged to a $4.5 billion market cap before collapsing nearly 90% within hours. Around 75,000 holders lost an estimated $250 million.
Milei deleted his promotional post and denied deep knowledge of the project, but the scandal has triggered multiple fraud investigations and an Interpol request to detain project lead Hayden Davis.
Second Crypto Controversy for Milei
This marks Milei’s second crypto-linked legal issue. In 2022, he faced lawsuits over promoting CoinX, a failed investment platform. With U.S. lawyers also seeking investor backing for potential lawsuits, the LIBRA fallout continues to deepen political pressure on the Milei administration.
