Argentina’s Milei Ends Executive Probe Into Libra Memecoin Scandal, Judicial Investigation Ongoing

Argentine President Javier Milei has abruptly disbanded the executive task force investigating the Libra memecoin controversy just three months after its creation. The unit was originally formed to examine suspicious trading activity surrounding the token, which Milei promoted on social media in February.

The Libra token’s market capitalization skyrocketed to $4.5 billion following Milei’s endorsement before collapsing 97% within hours. Insiders allegedly profited over $100 million during the volatile price action. While the administrative probe has been closed, a separate judicial investigation led by a federal judge remains active.

The episode highlights the regulatory challenges posed by memecoins and influencer-driven crypto speculation. Market observers note such volatility events often precede increased scrutiny of altcoin markets, particularly those susceptible to pump-and-dump schemes.