Argentina's Congress has officially launched an investigation into the LIBRA cryptocurrency scandal, approving the creation of a special committee to uncover the truth behind a dramatic crash that left tens of thousands of investors in financial ruin — and placed President Javier Milei at the center of controversy.

The storm erupted in February, when Milei publicly promoted the Solana-based memecoin LIBRA on his official X account, calling it a "private initiative" aimed at boosting Argentina's startup ecosystem. The token skyrocketed to a stunning $4.5 billion valuation, only to crash by 90% within 24 hours. The result: over $250 million in losses and around 75,000 affected wallet holders.

Milei quickly deleted the promotional post, claiming he “was unaware of the project’s details.” But the damage was done — and the public demanded accountability.

Investigation Targets Top Government Officials

Congress has now approved the creation of a special commission that will summon high-level officials including Economy Minister Luis Caputo, Justice Minister Mariano Cúneo Libarona, Chief of Staff Guillermo Francos, and National Securities Commission head Roberto Silva. The resolution passed with 128 votes in favor, 93 against, and 7 abstentions.

The committee will also request documentation from the national government to determine whether individuals close to Milei were involved in the alleged scam.

Private Project or Political Trap?

LIBRA is closely linked to Hayden Davis, CEO of Kelsier Ventures, who allegedly pitched the project to Milei in a January meeting. In March, an Argentine attorney called for Davis’ arrest over fraud allegations.

A New York-based law firm has also begun rallying affected investors to join a potential class action lawsuit.

Milei’s Second Crypto Scandal

This isn’t Milei’s first brush with crypto controversy. Back in 2022, he faced a lawsuit for promoting CoinX, an investment platform that promised large returns — but delivered losses and disappointment instead.


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