Argentina’s Chamber of Deputies Approves Probe into LIBRA Crypto Scandal
Private Project, Public Probe
The Argentina’s Chamber of Deputies has voted to approve three draft resolutions that would establish a special commission to investigate the LIBRA crypto scandal, which has plagued President Javier Milei’s administration since February.
The commission will summon key government officials, including Economy Minister Luis Caputo and Justice Minister Mariano Cúneo Libarona. The probe will also invite Chief of Staff Guillermo Francos and Roberto Silva, who leads the country’s National Securities Commission.
The commission would also request information from the national government as it goes through the investigation.
Congressional approval of the probe comes nearly two months after Milei promoted the Solana-based meme coin on his official X account.
LIBRA: A Controversial Token
The controversial LIBRA token, which Milei touted as a “private project” to stimulate Argentine economic growth through startup funding, saw its value skyrocket to a $4.5 billion market cap before crashing nearly 90% within hours on February 14-15.
Milei deleted his promotional post shortly after the crash and claimed he “did not know the details of the project.”
Fraud charges were filed in an Argentine criminal court two days later, and the collapse left approximately 75,000 wallet holders with losses exceeding $250 million.
A Judicial Probe and Calls for Arrest
The Argentine Congress’s investigation parallels an ongoing judicial probe examining possible links between Milei and LIBRA’s developers.
In March, an Argentine lawyer called for the arrest of Kelsier Ventures CEO Hayden Davis, who allegedly pitched the project to Milei during a January meeting.
Earlier this month, a New York-based law firm began a call for investors to back a potential lawsuit.
A Second Crypto Controversy
LIBRA marks Milei’s second crypto controversy after investors sued him in 2022 for promoting CoinX, a crypto investment platform that promised substantial returns but failed to deliver.
Conclusion
The approval of the investigative commission is a significant development in the ongoing LIBRA scandal, which has raised concerns about the potential misuse of public office for personal gain. The commission’s findings could have far-reaching implications for the Argentine government and its relationship with the crypto industry.
FAQs
What is the LIBRA crypto scandal?
The LIBRA crypto scandal refers to the collapse of the Solana-based meme coin, which was promoted by President Javier Milei on his official X account. The token’s value skyrocketed to a $4.5 billion market cap before crashing nearly 90% within hours.
What is the purpose of the investigative commission?
The investigative commission has been established to investigate the LIBRA crypto scandal and determine whether there is any harm to Argentina. The commission will summon key government officials and request information from the national government as it goes through the investigation.
Who is being investigated?
The investigative commission will investigate key government officials, including Economy Minister Luis Caputo and Justice Minister Mariano Cúneo Libarona. The probe will also invite Chief of Staff Guillermo Francos and Roberto Silva, who leads the country’s National Securities Commission.
What are the potential consequences of the investigation?
The findings of the investigative commission could have far-reaching implications for the Argentine government and its relationship with the crypto industry. The commission’s report could lead to criminal charges, fines, or other penalties for those involved in the scandal.
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