Libra, a cryptocurrency that was supposed to support the Argentinian economy, ended up in a huge scandal. A lot of people lost money, and a lot of big names were involved. But now, seemingly, the case is getting buried.
JUST IN: 🇦🇷 Argentina President Javier Milei shuts down unit investigating Libra crypto scandal.
— Watcher.Guru (@WatcherGuru) May 20, 2025
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Libra Crypto Case Shutting Down
Milei and Justice Minister Mariano Cneo Libarona signed the decision, as reported by Bloomberg. They offered no clear explanation, stating only that it had fulfilled its assigned functions. Closing the UTI brings an end to the government’s internal investigation into the matter, according to the decree. This later resulted in political backlash as the investigation was gaining momentum.
The Investigative Task Force (UTI) was assigned to probe the Libra cryptocurrency scandal, investigating the involvement of President Javier Milei and his sister Karina just three months ago. In February, Milei openly endorsed the Libra cryptocurrency token on X, causing the value of the currency to surge and then plummet, a situation known as a pump-and-dump scheme.
A handful of wallets controlling most of the Libra tokens had been sold after Milei’s publication, causing the currency to dump. Several retail investors have filed complaints, claiming that senior government officials may have manipulated the market and deceived them.
The move raises concerns about the future of cryptocurrency regulation in the country. The opposition to Javier Milei is using this case to damage his reputation and gain a political advantage. Additionally, it significantly harms the cryptocurrency market, especially in Argentina, as this scam has received international-level coverage.
The $Libra coin saw a surge of over 300% following this news. These kinds of pumps don’t necessarily have any real meaning to them. They typically occur due to “degens” looking to capitalize on trending news.
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Key Takeaways
- Libra crypto case shutdown sparks political controversy.
- Milei’s endorsement led to market manipulation claims.
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