Argentina's President Disbands Group Investigating LIBRA Crash

Argentine President Javier Miley has signed a decree dissolving the temporary investigation group UTI (Unidad Técnica de Investigación), created three months ago to investigate the circumstances of the launch of the LIBRA cryptocurrency, as well as the possible involvement of the head of state himself and his sister Karina Miley in the manipulations. This was reported by Bloomberg, citing a document published in the country's official gazette.

The decree states that UTI has “fulfilled the assigned tasks,” which formally terminates the work of the group created under the executive branch. The LIBRA token was launched in February 2025 as part of a narrative of supporting small businesses through digital currencies. However, after Miley’s publication on the X network, where he claimed that LIBRA would help entrepreneurs, the token’s rate soared by hundreds of percent, and then collapsed by more than 90% when large holders began selling assets en masse. It turned out that most of the tokens were held by a limited number of wallets, but they left the market at the peak, recording significant profits. The project’s organizer, Hayden Davis, claimed that he collaborated with the presidential administration and transferred funds to his sister, Karina Miley, who had previously openly traded cryptocurrency.

Investors lost up to $250 million, sparking a wave of complaints from affected users who accused the group of market manipulation and fraud. Despite UTI's liquidation, Argentina's parliament has set up its own 28-member commission to look into the details of the case, but the hearings have yet to begin.

"The investigation is just beginning. We want to understand whether laws were broken and who is behind this scheme," a representative of the parliamentary commission said.