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Javier Milei shuts down task force investigating LIBRA scandal

As an analyst, I’d rephrase it this way: In my analysis, Argentine President Javier Milei has disbanded a special committee set up to scrutinize the aftermath of LIBRA, the controversial cryptocurrency initiative he endorsed on his social media platform. Unfortunately, this project plummeted to zero in value.

According to government records, it was announced on May 19 that the Investigative Task Force (ITU) had been disbanded. This decision was made jointly by Milei and Justice Minister Mariano Cúneo Libarona.

According to the decree that was translated, the Research Task Unit has been disbanded once it fulfilled its purpose.

Regardless of demands from opposing parties who want to establish an investigation committee immediately starting May 20th, the task force is set to disband, according to reports by local news source Clarin.

On February 19, just a few days following President Milei’s endorsement of LIBRA via his official account, government authorities set up the UTI.

Initially, his endorsement propelled the value of LIBRA tokens dramatically, pushing them up from virtually valueless to $5 each and a total market worth of nearly $5 billion. However, this surge seemed to follow the pattern of a typical pump-and-dump scam, as the price plummeted back to zero in a short period.

The aftermath of LIBRA led to accusations of illicit trading and manipulation, placing President Milei under scrutiny.

Beyond being under investigation, Milei’s reputation also took a hit domestically, as approximately 58% of Argentinians expressed that they no longer trust the president due to his involvement in the scandal.

“I didn’t promote it, I shared it”

In a live broadcast on Todo Noticias, Milei asserted that he was not involved in any misconduct concerning the project, stating instead that he simply disseminated details about an initiative designed to provide financing opportunities for aspiring business owners.

He mentioned a resource for funding entrepreneurs that he had come across, and he shared this information with others. He acted honestly, but it ended up costing him something, he stated during the interview. (According to the translated version)

In a similar vein, Milei attempted to minimize the impact on investors, stating that at the very most, around 5,000 individuals may have been affected – with the majority being of Chinese and American descent. He further asserted that merely “four or five” Argentine citizens experienced losses.

Despite the findings by CryptoMoon, it was discovered that over 15,000 digital wallets had bought and sold LIBRA, with each transaction resulting in a gain or loss exceeding $1,000. Notably, about 86% of these transactions ended in losses amounting to approximately $251 million.

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2025-05-20 19:56

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