Argentine Government Dismantles Task Force Investigating Libra Crypto Scandal and Possible Links to President Milei

The Argentine government has dismantled the Investigative Task Force, a body created to investigate the Libra crypto scandal and possible links to President Milei

The Argentine government has disbanded the Investigative Task Force that was created to look into the Libra crypto scandal and possible links to President Javier Milei.

Also known as Union Chain, the Libra project was a DeFi coin that quickly gained popularity earlier this year. However, the project crashed massively after the developers performed a rug pull, withdrawing the project funds and causing the price to crash.

President Milei was implicated in the scandal because he had promoted the coin to his followers just before the rug pull. He was also reportedly paid by the project to recommend the coin.

The Investigative Task Force was tasked with investigating these links and determining whether there was a case to pursue against President Mileri. However, the government now believes that the task force has finished its task.

A report by Point 비트코인notes that the task force was created three months ago after the Libra scandal became public. It was tasked with investigating the President’s links to the coin and determining whether he could be implicated in the fraud.

Investigators are also looking into people associated with the president, such as his sister Karina Milei, who serves as Secretary General of the Presidency. Internal documents suggest that the Libra project made undisclosed payments to Karina within days of the scandal to try and influence the president. If these allegations are correct, then there may be a case for the Public Prosecutor to pursue.

Judge Maria Romilda Servini has been investigating whether President Milei was involved in fraud, consorted with criminals, or breached his duties. The Public Prosecutor’s office has not yet released any findings, but more details could be released to determine this case.

The Libra scandal is testing the Argentine justice system because the courts are investigating the President. According to reports, the Anti-Corruption Office is still investigating its case against Milei and Libra.

The president managed to assist the Libra coin massively by promoting it on his X account. The Union Chain coin lost $4.4 billion of market cap within hours, partly due to the developers withdrawing project funds.

Head developer of Libra, Hayden Davis, withdrew $87 million from liquidity pools from the project. Other insiders withdrew $107 million, and these outflows contributed toward a pump-and-dump.

The Libra scandal appears, on the face of it, to be a classic rug pull scam. However, the investigation is still ongoing and will hopefully uncover more details about the scandal.