LIBRA rose by over 80% after Argentine President Javier Milei disbanded a task force dedicated to investigating this token. The investigative group (UTI) handed over all its information to the national prosecutor's office.
This may or may not hinder some investigations, but there is strong pressure on the investigations into Milei's financial connections. This act does not change anything regarding the criminal charges currently brought against the head of state of Argentina.
President Milei and the LIBRA scandal
LIBRA's pump and dump became a major scandal for Argentina's crypto community, especially due to the alleged involvement of President Javier Milei.
Criminal charges have been filed against Milei, and both the courts and legislative bodies are investigating him. However, according to local media, these investigations may face obstacles:
"The government believes that the collected [UTI] information has been handed over to the prosecution, and that [UTI] has fulfilled its task," states the decision to officially disband UTI. It was signed by President Milei and Justice Minister Mariano Cúneo Libarona.
LIBRA was a large-scale fraudulent capital withdrawal that significantly reduced public support for Milei in Argentina. However, the meme coin based on Solana still exists.
Since its launch and crash in February, LIBRA has never regained its former success, but today it is rising. The asset has increased by over 80% before slightly decreasing. This is not the first time LIBRA has risen in response to statements and actions by President Milei. For example, it briefly recovered by 60% after Milei reposted a purchase instruction, but a disastrous television interview crashed it again that same day.
Currently, LIBRA is a forlorn meme coin, which typically does not indicate long-term stability.
However, one aspect of the incident seems easier to predict. Even if the special group from LIBRA was disbanded, several investigations are aimed at the precise involvement of President Milei in the project.
Last week, a federal judge ordered the disclosure of financial records belonging to Milei, his sister, and three other individuals. These individuals also had frozen assets.
Furthermore, internal control of LIBRA is not the only concern for Milei. Many LIBRA investors were U.S. citizens, raising the possibility that U.S. law enforcement could hold him accountable.
This did not happen, but local media claim that some of these investors are filing a class-action lawsuit. Such attention will not just disappear.
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