Argentinian President Javier Milei has officially shut down the special unit tasked with probing the controversial collapse of LIBRA, a cryptocurrency he had previously promoted on social media before its value plummeted to zero.
According to government records, the dissolution of the Investigative Task Unit (ITU) was enacted through a decree issued on May 19 and signed by both Milei and Justice Minister Mariano Cúneo Libarona.
“The Research Task Unit is hereby dissolved upon completion of its objectives,” the decree stated in translation.
This decision comes amid mounting criticism from opposition parties, who are pushing to initiate a new parliamentary inquiry, possibly as early as May 20, as reported by local news outlet Clarin.
The task force had been created on February 19, shortly after Milei promoted LIBRA through his official X (formerly Twitter) account. His endorsement temporarily drove the token’s price from near zero to $5, briefly reaching a $5 billion market cap — only to collapse shortly afterward in what many described as a textbook example of a pump-and-dump.
The rapid rise and fall of LIBRA triggered accusations of market manipulation and potential insider trading, with the president at the center of the controversy.
Aside from legal scrutiny, Milei’s reputation has taken a hit domestically. Recent polls show that around 58% of Argentinians have lost trust in him over the incident.
“I shared it, I didn’t promote it”
Speaking in an interview with Todo Noticias, Milei defended his actions, insisting he wasn’t promoting LIBRA but merely sharing a potential funding tool for entrepreneurs.
“I saw an opportunity to support entrepreneurship, and I simply passed the information along. My intentions were good, and I ended up taking the blame,” he said.
He also minimized the impact on investors, suggesting that no more than 5,000 individuals were affected — mainly from China and the U.S. — and that only a handful of Argentinians lost money.
However, blockchain analytics contradict this claim. Data indicates over 15,000 wallets traded LIBRA with significant gains or losses, and that more than 86% suffered losses, totaling approximately $251 million.
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