- Milei dissolves LIBRA investigation task force despite mounting pressure.
- Opposition demands further investigation into Milei’s LIBRA involvement.
- LIBRA’s collapse led to millions in losses, sparking legal probes worldwide.
Argentine President Javier Milei has officially dissolved the task force that was established to investigate the controversial LIBRA cryptocurrency scandal. This decision, announced by Milei and Justice Minister Mariano Cúneo Libarona on May 19, comes just three months after the creation of the task force. Milei promoted the cryptocurrency that crashed and led to massive loss of investor funds.
The Investigative Task Unit (ITU) was formed earlier this year, shortly after President Milei endorsed LIBRA on his official social media platform, X. The value of the cryptocurrency surged to $5 per token and reached about $5 billion in a market capitalization before it crashed, causing investors heavy losses. The task force intended to probe the possible role of Milei in LIBRA’s launch and crash, which many critics have likened to a pump-and-dump scheme.
Milei Shuts Down Investigative Task Unit (ITU)
The Argentine government declared that the ITU had completed its mandate and forwarded the collected information to the Public Prosecutor’s Office. However, the government has not disclosed the results or measures. Opposition has expressed concerns and urged the parliamentary commission to further probe Milei’s actions.
Opposition has criticized the dissolution of the task force. They have requested the activation of an investigative commission to reveal the full details of the scandal. The case attracted a lot of attention across the world as well as investigations in the United States and Spain.
LIBRA Collapse Leaves Investors in Losses
Milei’s reputation has suffered in Argentina, as the public opposed him. A survey reports that after the LIBRA fiasco, more than 50% of Argentinians don’t trust the president. However, Milei has denied ill-intentions in the crypto venture.
Blockchain data has revealed that over 15,000 wallets traded LIBRA and 86% of them reported losses. While Milei argued that local investors were not affected, the data shows that many Argentinians were hurt. The losses have raised concerns about the project and the role of insiders.
Milei Faces Increased Global Scrutiny
Even though the investigation into LIBRA is done, the legal process will continue. The scandal is under investigation from both international authorities and Argentine courts. Milei is still under pressure to explain his role in the collapse of the cryptocurrency.
However, the scandal has raised concerns about management and political involvement in crypto projects in Argentina.
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