The Chamber of Deputies of Argentina approved the conduct of an official investigation into the collapsed meme coin Libra, on which about 75,000 investors lost over $280 million.
Lawmakers held a special session where three resolutions were approved aimed at uncovering the truth about the launch and collapse of the infamous meme coin Libra. The first resolution involves the creation of an investigative committee to investigate the incident: 128 deputies voted in favor, 93 against, and 7 abstained.
Lawmakers also approved the questioning of senior officials of Argentina, including Chief of Cabinet Guillermo Francos, Minister of Economy Luis Caputo, Minister of Justice Mariano Cuneo Libarona, and Chairman of the Argentine Securities Commission Roberto Silva.
According to the third resolution, executive authorities must provide detailed reports on the development of Libra and the role of the government in promoting the meme coin. These measures will be implemented despite the resistance of some members of the ruling party 'Freedom Advances'.
The Libra scandal occurred on February 14, when Argentine President Javier Milei promoted the token on social media X, calling it an opportunity to boost the country's economy. The meme coin immediately soared over 3000%, but within a few hours collapsed by 90%. Milei deleted his post and stated that he did not know the details about the token. During the investigation, it was revealed that some insiders, including Kelsier Ventures, may have accessed the tokens and manipulated liquidity before the launch, making a profit of over $110 million.
