TLDR
- President Javier Milei has officially ended the investigation into the Libra crypto scandal.
- The government has dismantled the Investigative Task Force just three months after its creation.
- The Libra token had sparked significant financial losses after a sharp fall in value following its promotion.
- The internal probe examined the roles of Javier Milei and his sister Karina Milei.
- The decree stated that the agency had completed its assigned functions and is now disbanded.
Argentina has officially ended the internal investigation into the Libra crypto scandal led by President Javier Milei. The government dismantled the Investigative Task Force (UTI), terminating its role in probing Libra’s controversial rise and fall. The move has drawn widespread attention as Libra losses reportedly reached $250 million across local and foreign markets.
Libra Task Force Disbanded Amid Controversy
President Javier Milei signed a decree that dissolved the UTI three months after its formation. Justice Minister Mariano Cuneo Libarona co-signed the decision, which declared the unit’s mission complete. The UTI had been tasked with collecting evidence, coordinating with international bodies, and responding to court-ordered requests.
The agency was launched following complaints about the rapid value collapse of the Libra token promoted by Milei. Public outcry increased after allegations emerged about potential misconduct linked to the project’s promotion. Despite mounting pressure, the task force will no longer investigate Milei or his sister Karina Milei’s involvement.
The Libra investigation drew scrutiny due to the president’s visible role in endorsing the token during its initial surge. The crypto asset’s value dropped sharply after gaining traction through public endorsements and online promotion. Authorities now confirm that internal probes into the Libra controversy have ceased without formal findings or accountability.
Libra Collapse Sparked Massive Financial Impact
Libra’s price rise was followed by a steep fall that impacted thousands who engaged during its short-lived peak. The scandal affected market confidence as the token lost credibility within weeks of its launch. Market losses from Libra reportedly exceeded $250 million within a short period.
The sudden withdrawal of the investigation comes despite calls for extended inquiry into the token’s promotion. Libra was initially viewed as a breakthrough before questions emerged around its management and execution. While the asset remains inactive, the decision ends all internal efforts to explore wrongdoing.
No formal announcement has confirmed if criminal proceedings related to Libra will continue through judicial systems. Governmental response has remained minimal, even as Libra’s financial impacts remain under review. The scandal now enters a stage where public oversight appears reduced following the agency’s closure.
Congressional Inaction and Refusals Raise More Questions
Argentina’s Congress created a 28-member special committee to examine the scope and related governance actions of the Libra crypto scandal. However, the committee has not initiated public hearings or released findings about Libra’s collapse. Legal experts say delays could hinder future accountability and transparency surrounding the token’s trajectory.
On May 14th, the Justice and Economy Ministers declined to attend a court-ordered session on the Libra case. Their absence further delayed any momentum toward a formal legislative review. The committee remains operational but inactive, with no confirmed plans to resume action on the Libra issue.
With the executive branch halting its probe, scrutiny now shifts toward whether legislative leaders will pursue the Libra case independently. There is still no timeline for when, or if, the Congressional body will act.
