Argentine Congress Votes to Investigate President Over LIBRA Crypto Scandal
Argentina’s Chamber of Deputies voted to initiate an inquiry into President Javier Milei following allegations he was endorsing the LIBRA memecoin—a since-disproven crypto scheme.
The 128-93 vote, with seven abstaining, was reported by Buenos Aires Times. The motion had previously fallen in the Senate.
A Billion-Dollar Memecoin Meltdown
Milei’s posts on X (formerly Twitter), where he boasts over 3.8 million followers, allegedly helped pump the LIBRA token to a $5 price and a $4 billion market cap. Soon after, the token collapsed.
Critics, including former central bank head Claudio Lozano and legal activist Jonatan Baldiviezo, claim the president was instrumental in a “rug pull” that misled more than 40,000 investors.
Blockchain data reveals that over 86% of the 15,430 wallets that traded LIBRA lost money—amounting to $251 million in losses.
A Presidential Family Connection?
In a twist to the unfolding scandal, leaked February messages suggest Hayden Davis, linked to the LIBRA project, claimed he could pay Milei’s sister Karina to gain influence over the president.
In a text to a crypto firm executive, Davis allegedly wrote:
“I send money to his sister and he does what I tell him and does as I wish.”
This rumored link between family and token promotion has been grounds for demands for additional examination.
Milei Denies Misconduct
Despite proof of promotional social media use, Milei denied the promotion of the token mid-February by saying:
“I did not promote that. What I did, I spread the word.”
Whether or not this defense will stand up to criticism remains to be seen as public pressure mounts.
