Argentine congressional committee accuses President Milei of involvement in $LIBRA cryptocurrency scam

ChainCatcher News, according to The Block, the Argentine Congressional Investigative Committee has released its final report, accusing President Javier Milei of providing key cooperation in the $LIBRA cryptocurrency crash incident and recommending that Congress assess whether this constitutes misconduct.

The report shows that Milei had promoted the $LIBRA token on his personal social media accounts, after which eight wallets associated with the Libra team cashed out $107 million, resulting in losses for 114,410 investor wallets. This 200-page report, titled “$LIBRA Is Not an Isolated Incident,” reveals a series of systemic issues. The investigation found that the Milei government also promoted a cryptocurrency called the KIP Protocol, which also experienced its liquidity pool being drained after its launch in December 2024.

The committee believes this indicates that the government intentionally bypassed regulatory agencies such as the National Securities Commission (CNV). Currently, Milei and American entrepreneur Hayden Davis, among other Libra founders, are facing judicial investigations in Argentina and a class action lawsuit filed by the Burwick Law firm in New York. Milei has denied any wrongdoing and dissolved the special investigative task force set up by his office in May, after a judge ordered the Argentine Central Bank to unfreeze the bank accounts of the president and his sister Karina Milei.