Argentine Congress Backs Inquiry into Milei Crypto Scandal

Argentina’s Congress has approved an investigation into a cryptocurrency, $LIBRA, promoted by President Javier Milei, which experienced a dramatic rise and subsequent crash, resulting in substantial investor losses.

President Milei had publicly endorsed the $LIBRA meme coin as a “private project” intended to boost Argentina’s economy by supporting small businesses.

However, the currency’s value plummeted shortly after his endorsement, leading to accusations of a “rug pull” scam.

The lower house of Congress voted to establish a commission of inquiry into the $LIBRA collapse, which involved significant financial losses for investors.

Lawmakers also approved a resolution to summon key government officials, including the Economy and Justice Ministers, to testify about the matter.

A judicial investigation is also underway to examine Milei’s potential involvement in the cryptocurrency’s collapse amidst allegations of fraud and breach of duty.