Javier Milei has disbanded the unit probing the Solana memecoin Libra crypto scandal, which he had previously promoted.
Argentina’s President Javier Milei has suspended the unit investigating the crypto scandal, resulting in a new chapter in the Solana meme coin Libra narrative.
The president promoted the meme coin’s introduction in February of this year, placing him at the epicenter of this saga.
Javier Milei Dissolved Task Force That Investigated Libra Crypto Scandal
The Argentine president has issued a decree that dissolves the Investigation Task Unit (UTI), as reported by CNN Chile.
The entity was established in February in response to the Libra crypto scandal, which resulted in the loss of millions of dollars for investors and the accumulation of over $4 billion for insiders.
The decree, which was published in the Official Gazette of the Nation, stated,
The Government considers that the information collected was forwarded to the Public Prosecutor’s Office and that the Unit has fulfilled the task assigned by Decree No. 114/25
Javier Milei actively participated in developing the Solana meme coin by promoting Libra on his X platform with the caption “for the growth of their economy.”
Nevertheless, the coin was a fraud, and its market capitalization plummeted by more than $4.4 billion within hours.
The steep decline was exacerbated by the team’s withdrawal of $87 million from the liquidity pool, which included Hayden Davis, and the cashing out of $107 million by insiders, as CoinGape reported about the Libra token scam.
The government established the UTI in response to criticism of Milei’s involvement in the token promotion.
Its responsibility was to ascertain whether the president’s promotion of the Solana meme coin was subject to “irregularities or acts of corruption.”
Javier Milei has dissolved the unit; however, investigations against the president are still proceeding.
According to CNN Chile, the president’s involvement and that of his sister, Karina Milei, the Secretary General of the Presidency, are currently being investigated by the Argentine and international justice systems, particularly in the United States and Spain.
Additionally, a commission has been established by the Argentine parliament to investigate the matter.
Like Javier Milei’s saga, Democrats have also criticised US President Donald Trump for his TRUMP meme coin, alleging that it is a case of corruption against the president.
Nevertheless, these allegations have not yielded any significant results. On May 22, the president organized a banquet for the top holders of the TRUMP meme coin.
