Argentina’s Milei Ends Libra Coin Probe Amid Ongoing Crypto Controversy

Argentine President Javier Milei has officially disbanded a government task force investigating his involvement in the controversial launch of the meme coin Libra (LIBRA). According to documents published on the government’s website, the committee concluded its investigation, though no public details were released.

Milei faced criminal charges in February after publicly endorsing the Solana-based meme coin, which he claimed would benefit Argentina. His promotion caused LIBRA’s price to surge before it sharply crashed, triggering accusations of a pump-and-dump scheme. Despite denying any wrongdoing, Milei’s move stirred backlash from political opponents and investors.

This is not Milei’s first brush with crypto controversy. In 2022, he was sued for allegedly promoting a crypto platform that promised high returns. While the criminal investigation into the Libra launch remains active, shutting down the investigative body may help Milei avoid further scrutiny ahead of Argentina’s upcoming midterm elections.

James Bosworth, founder of Latin America-focused risk consultancy Hxagon, suggested the timing was strategic. With inflation down, the peso stabilizing, and a recent election win in the capital, Milei is politically strong. “There is no better moment for him to shut down this investigation,” Bosworth told Decrypt.

The Libra token has jumped over 60% in the past 24 hours, reaching a one-month high above $0.04, possibly due to renewed investor optimism amid fading controversy.

Meme coins like LIBRA, often based on internet culture, have flooded the crypto market. While most lack real value, they frequently generate hype and extreme volatility. Earlier this year, a Solana-based TRUMP token also made headlines, sparking ethical concerns after a dramatic price swing and ongoing scrutiny from U.S. lawmakers.

Milei continues to draw global attention for his unorthodox approach to crypto and economics.