Argentine Government shuts down Libra investigation unit after only 3 months

Argentina’s anti-corruption office has cleared President Javier Milei of any wrongdoing related to his public promotion of the Libra crypto token, according to Bloomberg.

The agency reportedly said on record that Javier didn’t break any laws when he posted about Libra on X in February, adding that the post was made in a personal capacity, didn’t involve federal resources, and didn’t violate any public ethics codes. That ruling officially ends the government’s internal investigation, though a federal court case is still ongoing and hasn’t been closed yet.

The scandal started when Javier shared a message about Libra just hours after meeting the token’s founders. His post boosted the token’s visibility instantly.

That same day, Libra’s price spiked, and wallets holding large amounts of the coin were dumped. The sudden crash led to massive losses for retail investors.

Many accused the government of backing a pump-and-dump scam, pointing directly to Javier and his inner circle. But Javier defended himself at the time, saying, “I wasn’t trying to sell anything. I just wanted to promote a project that helps Argentine businesses.”

Government shuts down Libra investigation unit after only 3 months

The Libra fallout forced the Argentine government to quickly form a special task force, called the Investigative Task Force (UTI), to review the crypto drama.

The unit was created by presidential decree, with signatures from both Javier and Justice Minister Mariano Cúneo Libarona. Its job was to investigate whether there were any irregularities in how Libra was promoted, who profited from it, and whether any laws were broken.

The UTI also had the power to request documents from public and international bodies, respond to court demands, and report any attempts to cover up evidence.

But three months after its creation, the UTI was dismantled. A formal decree, signed again by Javier and Mariano, stated that the unit “has fulfilled the functions assigned to it,” with no further explanation given.

That move closed the executive branch’s internal inquiry. The UTI never publicly released any findings before it was shut down. The decision came after public anger exploded, especially from crypto investors who believed the token had government backing. Some had assumed Libra was Argentina’s new official crypto project. Instead, they were left holding bags of a worthless token.

Reports later revealed that only a few wallets controlled most of the Libra supply. Those wallets were emptied shortly after Javier’s post, triggering the crash and locking everyday Argentines into losses.

Retail investors flooded local regulators with complaints. They demanded answers about whether someone in the government had advance knowledge and made money while the public got wrecked.

The Libra controversy reached Argentina’s Congress too. In April, lawmakers formed a 28-member special investigative committee to look into the case further, but no formal proceedings have begun.

Despite being summoned to appear on May 14, neither Mariano Cúneo Libarona nor Economy Minister Luis Caputo showed up. Their absence has drawn criticism from opposition politicians and some investors who say the government is dodging responsibility.

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