Argentine President Javier Milei has officially dissolved the special task force investigating the controversial launch of the Solana-based Libra meme coin, ending the probe without a public report and sparking renewed accusations of a government cover-up.
Documents quietly posted to the government’s official website confirm that the task force—originally formed in February amid public outcry—was disbanded under Milei’s direction. While the administration claimed the unit had “completed its objectives,” it offered no findings, updates, or evidence of formal conclusions.
The Libra scandal began when President Milei publicly promoted the token as a bold solution for Argentina’s struggling economy. Following his endorsement, the coin surged before crashing by over 90% within hours—wiping out millions in retail investor capital and triggering criminal fraud allegations.
The probe’s quiet termination, without transparency or closure, has drawn criticism from opposition lawmakers and market observers, who accuse the administration of dodging accountability. Federal judge María Servini is continuing a separate judicial investigation that still names Milei and several of his political associates.
Members of Congress are now calling for an independent legislative commission to take over the investigation and release full details of what occurred.
Libra Probe Ends as Coin Surges, Case Still Ongoing
President Milei’s move to shut down the Libra task force came just as the coin posted a surprising 60% price surge within 24 hours, briefly climbing above $0.04 for the first time in weeks, according to CoinGecko.
The sudden rally has raised questions about timing and market perception. Analysts suggest that some traders may be speculating on Libra’s comeback now that official scrutiny appears to be easing.
Milei, who has denied wrongdoing in the promotion of Libra, has not addressed the task force’s closure. Meanwhile, the criminal investigation remains open, with prosecutors exploring possible fraud and abuse of office.
Meme coins—cryptocurrencies typically inspired by pop culture or political figures—are notorious for rapid hype cycles. In Libra’s case, the initial wave of enthusiasm collapsed into scandal, exposing the token to regulatory and legal fallout that has yet to be fully resolved.
Meme Coins Continue Stirring Global Political Storms
The Libra controversy is just the latest example of meme coins creating political shockwaves.
Earlier this year, U.S. President Donald Trump launched his own official Solana-based token, which surged briefly before plunging 81% from its peak. The asset, named TRUMP, still ranks as the 52nd largest cryptocurrency by market cap, illustrating the sector’s speculative resilience.
The token has drawn bipartisan concern in Washington, with lawmakers warning of potential conflicts of interest. The parallels with Argentina are notable: President Milei, already under legal scrutiny over Libra, previously faced lawsuits in 2022 after endorsing a separate high-yield crypto project that later collapsed.
For now, meme coins remain at the volatile intersection of politics, finance, and internet culture—and the scandals show no signs of slowing.
Quick Facts
- President Milei has dismantled the Libra task force without releasing a public report, prompting transparency concerns.
- The Libra coin, which crashed 90% after Milei’s endorsement, surged 60% this week as scrutiny faded.
- Ongoing criminal investigations still involve Milei and several associates; Judge María Servini continues to lead inquiries.
- Meme coins linked to political figures, including Trump’s TRUMP token, remain at the center of global controversy.
