TLDR;
- President Milei has officially disbanded the LIBRA meme coin investigation task force, citing the completion of its mandate.
- The LIBRA token has dropped 22.13% in the past 24 hours, trading at $0.02786
- Opposition leaders are accusing the government of attempting to shut down scrutiny
- Judicial probes continue, with court-ordered reviews of Milei’s and his sister’s bank records over potential ties to the LIBRA launch.
LIBRA Task Force Disbanded
The decision, formalized through a presidential decree, has sparked fresh debate in the country’s already polarized political landscape.
The LIBRA coin, which debuted on February 14 with a social media post from Milei himself linking to the token’s smart contract and website, saw a meteoric rise in valuation, reaching a market cap of $4.56 billion within hours. However, the token’s price crashed by 94% shortly after its launch, prompting accusations of fraud, insider manipulation, and political impropriety.
The disbanded investigative unit had been established just days after the crash, on February 19, with a mandate to gather information, coordinate with judicial authorities, and prepare a comprehensive report on the situation. That report has now reportedly been submitted to the prosecutor’s office.
“The task force’s mandate has been fulfilled,” said a government spokesperson on Tuesday, as per local media outlet Clarin. “All relevant findings have been handed over to the appropriate legal authorities. The dissolution is a procedural step.”
Opposition Accuses Government of Burying Scandal
However, critics argue the move is premature and politically motivated. Opposition leaders have accused President Milei of attempting to suppress further scrutiny into his administration’s potential involvement in promoting the coin.
“This is a cover-up, plain and simple,” said Carolina Losada, a leading voice from the opposition coalition. “The Argentine people deserve answers, not a quick shutdown of investigations.”
Controversy around LIBRA intensified when a civil court, presided over by Judge María Servini, ordered an audit of the president’s banking transactions. The investigation also includes his sister, Karina Milei, who has been implicated in potentially facilitating the token’s launch alongside unnamed businessmen. Neither sibling appeared in court nor sent legal representatives for the hearing.
Milei has maintained that he was unaware of the token’s full background when he endorsed it publicly. He later deleted his promotional post, but the damage was done. Argentina’s chief prosecutor, Eduardo Taiano, has since requested that approximately $100 million in LIBRA-related assets be frozen and demanded the recovery of deleted digital communications, including Milei’s now-removed tweet.
In April, the Argentine parliament approved the formation of an independent commission to investigate the broader implications of the LIBRA debacle, including possible misconduct by public officials. However, efforts to activate the commission have stalled amid reports that pro-Milei lawmakers are obstructing the selection of its chairperson.
With the disbanding of the presidential task force, opposition figures are now pushing for parliament to accelerate its inquiry.
“If the executive won’t investigate itself, then the legislative branch must do its job,” said Congressman Alfredo Cornejo.
LIBRA Nosedives 22% in 24 Hours, Down 99.5% from Peak
That said, the LIBRA scandal has become one of the defining controversies of Milei’s presidency. While his administration frames the collapse of the investigation task force as the conclusion of a technical process, critics warn it marks only the beginning of a deeper institutional crisis, one that could have long-lasting implications for Argentina’s fragile democracy and economic future.
Meanwhile, following the news, LIBRA has continued to take a hit, plummeting 22.13% in the past 24 hours. At press time, the token was trading at $0.02786, marking a staggering 99.5% drop from its February all-time high of $3.28.
