President Milei Dissolves Task Force Investigating $LIBRA Crypto Scandal

Edyme

May 20, 2025

The UTI was launched on February 19, 2025, just days after Milei promoted $LIBRA on social media

President Javier Milei has officially dissolved the investigative unit examining his involvement in the $LIBRA crypto scandal, citing task completion.

Background

Argentine President Javier Milei has signed a decree (332/2025) disbanding the Investigative Task Unit (UTI), which was formed to investigate the controversial $LIBRA cryptocurrency project.
The UTI was launched on February 19, 2025, just days after Milei promoted $LIBRA on social media, calling it a private initiative meant to fund small businesses and spur economic growth in Argentina.
Following Milei’s endorsement, $LIBRA briefly soared in value before collapsing by 90% in under two hours, causing an estimated $250 million in investor losses.
The memecoin’s rapid crash led to public outcry and allegations of fraud, with critics describing the incident as a textbook “rug pull.”

Why Should You Pay Attention?

The $LIBRA fallout represents one of the highest-profile crypto scandals involving a sitting head of state.
The abrupt disbandment of the investigative unit, despite no public disclosure of findings, raises serious concerns over transparency and accountability in governance.
Legal scrutiny continues both domestically and internationally, including class-action lawsuits filed in U.S. courts alleging deceptive promotion and negligence by Milei.

Who Said What?

The official decree claims the unit’s purpose was fulfilled and that all relevant findings were forwarded to the Public Prosecutor’s Office.
Justice Minister Mariano Cúneo Libarona co-signed the order, while María Florencia Zicavo, a close aide, led the now-defunct unit.
Milei himself denied any knowledge of the $LIBRA project's inner workings, despite having promoted it as a sign of global confidence in Argentina’s economy.
Lawmakers in Argentina's Chamber of Deputies had previously called for a congressional inquiry and summoned officials to testify.
Judge María Romilda Servini remains in charge of the ongoing judicial investigation into Milei's potential role in the scandal.

Zooming Out

The $LIBRA debacle highlights the volatile intersection of politics and crypto, with global implications for regulatory oversight and investor protection.
The lack of transparency surrounding the dissolution of the investigative body leaves unresolved questions about whether financial misconduct occurred at the highest levels of government.