Special Committee Investigating Chairman Miley’s Role in the Libra Meme Coin Scandal

Argentina’s delegates voted to approve the formation of a special congressional committee to investigate the controversial Libra (Libra) meme coin scandal that has linked President Javier Milei to the project.

The vote received 128 votes, 93 votes against and 7 abstentions.

Libra’s meme coin scandal

According to the report, the committee will have the power to call together senior government officials and request documents from public agencies. The main figures expected to testify include Minister of Economy Luis Caputo, Attorney General Mariano Cúneo Libarona and Chief of Staff Guillermo Francos.

But there are criticisms of President Miley and his sister Karina. In particular, MP Sabrina Selva believes that both should be forced to clarify their participation in the Libra incident.

The investigation is accusing Millie of using her influence to promote the allegation of Libra meme coins. The token’s value soared to $5, and even briefly reached a market cap of $4 billion after President Miley shared details about the token on X.

However, once the position is removed, the value collapses by more than 94%, which raises doubts about pumps and lowering plans.

In response, lawyers Marcos Zelaya and Jonatan Baldiviezo were joined by engineer María Eva Koutsovitis and economist Claudio Lozano and filed a formal criminal lawsuit on February 17, in which the men accused Milei of their role in promoting cryptocurrencies. Several critics also claimed the project was a “carpet” scam, with Milei accused of misleading investors by using its massive amount of social media.

Discovery related to Libra

A report by chain analytics platform Nansen found that 86% of traders who bought Meme Coin were estimated to lose $251 million. Only a few lucky investors made more than $180 million in profits.

Subsequently, an investigation conducted by blockchain analytics firm Bubblemaps linked Libra’s creators to previous pumping operations, even showing evidence of profits raised through various wallets, including one related to Melania token creators. Still, Libra creator Hayden Davis dismissed the criticism, claiming that those who were upset missed the opportunity and defended Meme Coin Dynamics.