Argentina Launches Formal Inquiry into LIBRA Memecoin Scandal
Argentina’s Chamber of Deputies has approved an examination into the LIBRA memecoin scandal. The token’s collapse wiped out over $280 million from nearly 75,000 traders. On April 8, lawmakers backed three resolutions to uncover the truth behind the controversial launch and crash.
The first resolution sets up an investigative commission, approved with 128 votes. Lawmakers also voted to summon key government officials for questioning. These include Guillermo Francos, Luis Caputo, Mariano Cúneo Libarona, and Roberto Silva.A third resolution requests detailed reports on LIBRA’s development and the government’s role in promoting it.
Despite resistance from some ruling party members,all measures passed with strong support.Opposition lawmakers called for clarity. “Society has the right to no the truth,” said Maximiliano Ferraro.
The scandal began on February 14 when president Javier Milei promoted LIBRA on X. The token surged over 3,000% before crashing 90% hours later.Milei later claimed he was unaware of the token’s details.
Investigations revealed that insiders, including Kelsier Ventures, might have manipulated liquidity before launch, making over $110 million in profits.A class-action lawsuit was filed against key figures, alleging deceptive practices and fraud.
The scandal has led to political backlash. Lawmakers argue that Milei’s handling undermines his anti-corruption stance, potentially hurting his credibility ahead of midterm elections.
