LIBRA Soars 80% After Milei Axes Crypto Investigation Unit
Argentina’s libertarian president Javier Milei just gave crypto traders an early Christmas present—dissolving the country’s anti-crypto task force sent LIBRA screaming past resistance levels. The ’anarcho-capitalist’ move triggered instant FOMO among traders who’ve been waiting for regulatory crackdowns to ease.
Market analysts note the surge comes with classic Milei volatility—the token had dipped 30% last month after his controversial blockchain reform bill stalled in congress. ’When Milei tweets, markets move,’ quipped one Buenos Aires-based trader. ’Just don’t ask about inflation-adjusted returns.’
The rally puts LIBRA back at its 2024 ATH, though skeptics point out the token still trades 60% below its pre-hyperinflation peak. For now, crypto bulls are celebrating—regulatory uncertainty was the last thing this battered economy needed.
President Milei and the LIBRA Scandal
The LIBRA pump and dump was a major scandal for Argentina’s crypto community, especially because of President Javier Milei’s alleged involvement.
Criminal charges have been filed against Milei, and both the courts and legislature have been investigating him. However, these investigations may have reached a speed bump, according to local reports:
“The Government believes that the information collected [by UTI] was forwarded to the Public Prosecutor’s Office, and that the [UTI] has fulfilled its assigned task,” read a decision officially dissolving the UTI. It was signed by President Milei and Minister of Justice Mariano Cúneo Libarona.
LIBRA was a massive rug pull that severely diminished Milei’s public approval in Argentina. However, the Solana-based meme coin itself is still alive.
Since its launch and collapse in February, LIBRA has never reclaimed anything like its former success, but it’s rallying today. The asset climbed over 80% before dropping slightly.
This isn’t the first time that LIBRA has spiked in accordance with President Milei’s statements and actions. For example, it briefly recovered 60% after Milei reposted a purchasing guide, but a disastrous TV interview sent it crashing again the same day.
Currently, LIBRA is an orphaned meme coin, which does not generally suggest long-term stability.
However, one aspect of the incident does seem easier to predict. Even if the LIBRA-specific task force has been disbanded, several investigations are targeting President Milei’s exact involvement in the project.
Last week, a federal judge ordered the release of financial records from Milei, his sister, and three other associates. These figures also had their assets frozen.
Additionally, domestic LIBRA scrutiny isn’t the only thing that Milei has to worry about. Many LIBRA investors were US citizens, sparking the possibility that American enforcement agencies could prosecute him.
This has not happened, but local media claimed that some of these investors are filing a class-action suit. So much scrutiny will not simply vanish overnight.
