Investors lost hundreds of millions of dollars on the $LIBRA meme coin that Javier Milei promoted in a social media post in February.
A congressional commission in Argentina released an investigative report on Tuesday stating that President Javier Milei committed “alleged fraud” after endorsing a suspected cryptocurrency scam earlier this year.
The report, issued by the Chamber of Deputies and led by opposition party members, said that “the facts analyzed would be compatible with an alleged fraud” and assigned “political responsibility” for the incident to Milei and his sister and close adviser, Karina Milei.
The $LIBRA meme coin surged after Milei posted, “The world wants to invest in Argentina. $LIBRA,” but later collapsed, resulting in losses totaling hundreds of millions of dollars. Industry specialists have described the event as a “rug pull,” a scheme in which developers launch a crypto token, attract investors, then quickly cash out. After the coin collapsed within a day, Milei claimed he “did not know the details of the project.”
Numerous legal complaints have been filed against Milei and others linked to $LIBRA. These cases have since been consolidated under a single judge and prosecutor overseeing the investigation.
The legislative commission reported that it has submitted its findings to the judicial investigation, though it is unclear whether Congress will take any further action on the matter.
New lawmakers elected in the October midterm elections will take office on December 10. With a greater number of Milei supporters joining the governing body, Congress is considered less likely to pursue the case further.
The commission was unable to question either Milei or his sister, as neither appeared when summoned.
