Argentine’s Javier Milei in Trouble? Congress Approves Probe Into Officials Behind LIBRA Memecoin

Argentina’s lower house of Congress voted on Tuesday to launch an investigation into senior government officials linked to the controversial Solana-based Libra memecoin. The token collapsed shortly after President Javier Milei promoted it on social media in mid-February. This saga has tormented Milei’s administration ever since.

Argentine Congress Probes Libra Scandal

Lawmakers sanctioned the motion with 128 votes in favour, 93 against, and seven abstentions. The commission previously failed to gain traction in the Senate. However, the latest update discloses that the investigation will include identifying possible misconduct surrounding the Libra token’s launch and dramatic crash within a short term.

Affirming the commission’s commitment to seeking justice, Representative Oscar Agost Carreño said in a debate:

“It is our duty to demand political explanations; to comply with democratic rules so that they can survive and build a network of trust.”

The commission plans to summon key government officials, including Chief of Staff Guillermo Francos and Roberto Silva, who leads the country’s National Securities Commission. Justice Minister Mariano Cúneo Libarona and Economy Minister Luis Caputo will also be invited, requesting information as it thoroughs the investigation.

Parliament’s approval of the probe against Milei comes nearly two months after he promoted the Solana-based memecoin on his official X account. In the message, Milei described the $LIBRA token as “a private project dedicated to encouraging the growth of Argentina’s economy by funding small businesses and startups” and included a link to its smart contract.

Shortly after Libra’s cataclysmic crash, Milei deleted the X post. He also claimed he only shared information about the digital asset and did not endorse it. However, onlookers refuted his claims, accusing him of promoting a scam project. The incident was nicknamed “Cryptogate” by opposition figures, including former Argentine president Cristina Kirchner.

Lawsuits Against Libra Masterminds

Last month, Burwick Law sued various entities tied to the Libra memecoin in New York’s Supreme Court. These included Meteora, Kelsier Ventures, and KIP Protocol.

Recall that the Libra downfall wiped around $250 million of investors’ funds.

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