Argentine President Javier Milei sparked controversy again by dissolving the 'investigation task force'. This 'investigation task force' was established to investigate the $LIBRA (LIBRA meme coin) scandal, which caused a stir in Argentina.

BlockBeats reported in February that the Argentine president launched the meme coin 'LIBRA', which lost $3.4 billion in market value within an hour.

Milei promoted a meme coin project called 'LIBRA' on his social media, which led to significant investment losses and fraud allegations. This scandal has resulted in Milei facing over 100 criminal charges, including accusations of fraud and criminal association from opposition politicians and civil society groups.

$LIBRA scandal was ignited when President Milei promoted this cryptocurrency on his personal social media account, referring to it as a 'private project' aimed at stimulating Argentina's economic growth by providing funding for small businesses and entrepreneurs.

However, the value of the project plummeted 90% shortly after a brief surge, experiencing a significant drop within hours, and was labeled a 'rug pull' scam by industry insiders, where developers attract investors and then quickly cash out. It is believed that investors lost at least $250 million.

Milei initially defended himself for promoting $LIBRA but later claimed to know nothing about the project's details, deleted social media posts, and tried to downplay his role in the scandal.

Nevertheless, voices for a rebound are quite strong; this scandal has sent shockwaves through Argentine politics, with the opposition calling more strongly for Milei's impeachment, accusing him of financial fraud and raising concerns about regulation in the cryptocurrency sector. However, Milei's allies argue that he was not directly involved in the creation of the LIBRA token.

Now, Milei's dissolution of the investigation unit has raised serious concerns about the government's commitment to transparency and accountability in handling scandals.

This could undermine regulation in Argentina's cryptocurrency market, which is under scrutiny due to the scale of the scandal and its impact on investors. This move may hinder ongoing investigations and weaken efforts to hold those responsible accountable, exacerbating concerns about the lack of effective governance in Argentina's rapidly developing cryptocurrency space.

Argentine Prosecutor Eduardo Taiano has launched an investigation into Milei and several cryptocurrency executives' roles in this 'rug pull'. Additionally, Judge María Romilda Servini de Cubría has been assigned to investigate Milei's connection to $LIBRA, as there are allegations of fraud or misconduct against him. Although the investigation unit has been dissolved, other investigations and lawsuits are ongoing, including a recent order to revoke Milei's banking secrecy privilege to investigate his financial transactions.

BlockBeats reported in March that Prosecutor Eduardo Taiano has formally requested the court to freeze $110 million in assets related to Milei.

President Milei's decision to dissolve the investigation unit has intensified concerns about regulatory scrutiny and the integrity of the investigation into one of Argentina's most significant cryptocurrency-related political scandals. This move further eroded public trust in Milei, with nearly 60% of Argentines expressing distrust in his leadership after the scandal broke.