Argentine President Milei shuts down LIBRA investigative unit

Argentine President Javier Milei has officially dissolved the investigative unit created earlier this year to look into potential fraud linked to the cryptocurrency LIBRA. 

LIBRA (LIBRA) was the cryptocurrency that Milei promoted on social media, and he has been under scrutiny ever since. This move comes just three months after the unit’s formation.

According to the decree signed by Milei and Justice Minister Mariano Cúneo Libarona, the task force “has fulfilled the task assigned to it,” having forwarded its findings to the Public Prosecutor’s Office, according to local reporting. 

However, no report has been made public, and the government has not disclosed what, if any, accountability measures were taken, per the reports.

Milei’s dubious relationship with LIBRA

LIBRA surged in value after Milei endorsed it on February 14 via his X account, then quickly collapsed, leading to multimillion-dollar losses for investors and international headlines. 

The fallout prompted Argentina’s Parliament to open its own investigation and sparked judicial probes in the U.S. and Spain into possible fraudulent schemes involving Milei and his sister, Karina Milei.

The now-defunct UTI had been empowered to gather information from national and international bodies without additional budget allocations, according to reporting. 

It was led by María Florencia Zicavo, a close advisor to the justice minister, raising concerns about the independence of the probe from the start.

The Milei administration had already rolled back the investigative powers of Argentina’s Financial Information Unit in April, further limiting oversight. While Milei claims all requested data from state entities was submitted and reviewed, the public remains in the dark about the commission’s conclusions, if any were ever reached.

The case now rests with the judiciary, particularly Judge María Romilda Servini, per local reporting.