BMClogo
BMCLogo

Javier Milei shuts down task force investigating Libra scandal

by | May 20, 2025 | Crypto | 0 comments

eed cc ab dedcdfa jpeg

Argentine President Javier Milei disbanded a task force that was formed to investigate the consequences of Libra, a scandalous cryptocurrency project, with the head of state promoting zero on his social media channels.

Government documents show that the Investigation Working Group (ITU) was dissolved through an ordinance signed by Milei and Attorney General Mariano Cúneo Libarona.

After the “Research Task Unit” is completed, the translated version of the decree is read.

Local media media Clarin reported that despite pressure from the opposition group on May 20, the task force was still disbanding.

Milei’s tweet endorses Libra’s screenshots. source: TRM Laboratory

Government officials established the UTI on February 19, and just a few days later President Miley promoted Libra on his official X account.

His recognition briefly brought Libra from almost worthless to $5 a token and nearly $5 billion in market cap before quickly crashing to zero, which seems to be a classic pumping and lowering plan.

The consequences of Libra have sparked allegations of insider trading and manipulation, and President Miley is stuck in the crosshair.

In addition to facing the investigation, Miley’s credibility has suffered at home, with nearly 58% of Argentines saying they no longer believe in the president’s role in the scandal.

Related: Argentine President Javier Milei denies promoting Libra failure

“I didn’t promote it, I shared it”

In a TV interview with Todo Noticias, Milei denied any misconduct that promoted the project, claiming he simply shared information about projects trying to help entrepreneurs get funding options.

source: Tier10k

“I saw a tool that could fund entrepreneurs, and then I spread the word. I acted sincerely and got hit,” he said.

Miley also underscores investors’ losses, claiming that “up to” 5,000 people were affected – the vast majority of them Chinese and Americans. He claimed that only “four or five” Argentines suffered losses.

https://www.youtube.com/watch?v=AOFPG6CTP7S

However, blockchain data reviewed by Cointelegraph shows that over 15,000 wallets are sold for Libra for profit or loss of more than $1,000. More than 86% of wallets reported losses totaling $251 million.

Magazine: Influential shilling crime scams face serious legal consequences