Argentina’s lawmakers have approved an official investigation into the LIBRA memecoin scandal after its sudden collapse wiped out over $280 million from nearly 75,000 investors.
On April 8, the Chamber of Deputies approved three key resolutions. First, they formed a special commission to investigate how the token skyrocketed and then crashed within hours.
Second, they summoned top government officials—like Chief of Staff Guillermo Francos and Economy Minister Luis Caputo—for questioning. Finally, they requested detailed government reports on LIBRA’s launch and promotion.
The scandal began on February 14 when President Javier Milei promoted LIBRA on X as a tool to “boost the Argentine economy.” The token surged over 3,000% but crashed 90% after Milei deleted the post, claiming he didn’t know its details. His office later brushed it off as routine support for entrepreneurs.
But investigations show insiders—including Kelsier Ventures—may have manipulated liquidity before launch, profiting over $110 million. A U.S. class-action lawsuit claims developers misled investors and held 85% of the token supply.
Now, opposition leaders are demanding answers. “Society deserves the truth,” said lawmaker Maximiliano Ferraro. With midterm elections nearing, the fallout threatens to damage Milei’s anti-corruption image.
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