Javier Milei Dismantles Task Force Probing Libra Crypto Scandal

The saga around the Solana meme coin Libra has taken a new turn, with Argentina President Javier Milei shutting down the unit probing the crypto scandal.

President Javier Milei has dissolved the task force probing the Libra crypto scandal. The unit was created in February, following the rapid rise and fall of the Solana meme coin, which saw investors lose millions of dollars while insiders made billions.

The president was at the centre of this saga, having promoted the meme coin’s launch in February earlier this year.

Announcing the closure of the Investigation Task Unit (UTI), a decree from the president was published in the Official Gazette of the Nation and seen by CNN Chile on Wednesday. The decree read,

The Government considers that the information collected was forwarded to the Public Prosecutor’s Office and that the Unit has fulfilled the task assigned by Decree No. 114/25

President Javier Milei. (Photo by ANDRES SOLARES / AFP) (Photo by ANDRES SOLARES/AFP via Getty Images)

Earlier this year, President Milei was actively involved in the Solana meme coin’s surge. Sharing a post on X, formerly Twitter, the president promoted the Libra token for the growth of their economy.

However, the coin was a scam, with reports claiming that the creators defrauded investors out of billions of dollars. The Libra token lost nearly $4.4 billion of its market cap within hours, with reports suggesting that the liquidity on the token’s official website was a scam.

As CoinGape reported about the Libra token scam, the team, which included Hayden Davis, withdrew $87 million from the liquidity pool, and insiders cashed out $107 million, contributing to the sharp decline.

Following criticism of Milei’s role in promoting the token, the government created the UTI, which was tasked with determining whether there were “irregularities or acts of corruption” regarding the president’s promotion of the Solana meme coin.

While the president has dissolved the unit, investigations against him are still ongoing. According to CNN Chile, the Argentine and international justice systems, especially in the US and Spain, are advancing investigations into the president’s role and that of his sister, Karine Milei, the Secretary General of the Presidency. The Argentine parliament has also instituted a commission to investigate the case.

Earlier this year, Countrysavvy reported that President Milei was being probed over fraud claims after the rapid rise and fall of the Libra crypto. The crypto investors were reportedly defrauded in a scam that saw those involved in the scam siphon off billions of dollars.

The Argentine president was being credited with helping introduce the Libra token to his followers. However, the coin was a scam, and its price crashed rapidly, defrauding investors.

According to reports, the Libra token was launched in February and quickly gained attention. It was promoted by several influencers, and its price soared to a high of $0.86 on February 15. However, the token’s price began to plummet shortly after, and by February 16, it was trading at $0.0003.

Insiders managed to siphon off an estimated $4 billion, while investors are said to have lost millions of dollars in the scam.

Meanwhile, US President Donald Trump has faced backlash from Democrats over his TRUMP meme coin, with reports by Axios claiming that the Democrats are planning to launch an investigation into the president.

Alleging a case of corruption against the president, the Democrats are planning to probe into the president’s role in promoting the meme coin.

However, nothing substantial has come out of these allegations, and the president has planned a TRUMP meme coin dinner on May 22, where he will host top holders of the meme coin.