Milei Closes Down LIBRA Investigative Unit After It Shares Findings With Prosecutors

The Argentinian government has dissolved the Unidad de Tareas de Investigación (UTI), the unit tasked with investigating President Javier Milei’s alleged connection to the LIBRA memecoin. The dissolution, announced via a ministerial decree signed by Milei and Justice Minister Mariano Cúneo Libarona, follows the UTI’s completion of its investigation and the submission of its findings to the public prosecutor’s office. The decree states that the unit successfully achieved its objectives.

The UTI’s investigation into President Milei’s potential links to LIBRA, a Solana-based memecoin, involved collaboration with several key government agencies. These included the Argentinian central bank and the national anti-corruption office, highlighting the government’s commitment to a thorough and transparent investigation.

The controversy surrounding Milei and LIBRA stemmed from a February tweet by the President himself, which coincided with a significant surge in the memecoin’s market capitalization. LIBRA’s value briefly reached $4.5 billion before experiencing a dramatic crash, plummeting over 80% within a few hours. This volatility raised concerns about potential market manipulation and fueled speculation regarding Milei’s involvement.

Adding to the intrigue, Hayden Davies, one of LIBRA’s co-creators, made public allegations claiming he could exert influence over President Milei due to payments made to Milei’s sister, Karina, a prominent figure within the President’s administration. These allegations further intensified scrutiny of the situation and contributed to the government’s decision to launch a formal investigation.

The dissolution of the UTI marks the conclusion of the initial investigative phase. The public now awaits the outcome of the public prosecutor’s office review of the UTI’s findings to determine whether further action will be taken. The case highlights the challenges posed by memecoins and the potential for their manipulation to influence markets and impact political figures. The government’s actions underscore its efforts to address concerns about transparency and potential conflicts of interest within its highest ranks. The full extent of President Milei’s involvement, if any, remains to be seen, pending the outcome of the ongoing prosecutorial process.