The committee claims that the administration may have circumvented regulatory authorities in promoting crypto assets.

Argentine president accused of facilitating fraudulent scheme involving LIBRA cryptocurrency

21.11.2025 - 11:55

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3 min

The Investigative Committee of the Argentine Chamber of Deputies has published its final report on the collapse of the Libra cryptocurrency. The document proposes that the National Congress investigate whether President Javier Milei committed any violations when promoting this token.

Milei advertised Libra on his personal X account. The tweet was deleted after eight wallets associated with the project withdrew $107 million.

What the committee found

The report, titled “LIBRA WAS NOT AN ISOLATED EVENT,” states that the project’s problems were not caused solely by weak oversight. The committee suggests that there may have been an attempt to circumvent official control mechanisms.

Politician Juan Marino said that the president used his status and that it was his tweet that ensured a huge influx of buyers. Milei himself denies involvement and, in May, disbanded an internal group investigating his ties to Libra after a court ordered the disclosure of his and his sister Karina’s bank accounts.

Argentina’s anti-corruption office has exonerated the president in the Libra token scandal

Argentina’s anti-corruption office has exonerated the president in the Libra token scandal

The office recognized that Javier Milei’s actions in promoting the asset did not violate the country’s laws

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Now, Milei and the creators of Libra, including American entrepreneur Hayden Davis, face a judicial investigation in Argentina, as well as a class action lawsuit from the New York law firm Burwick Law. According to the report, more than 114 000 wallets suffered losses trading Libra.

A recurring pattern

The committee asserts that Libra’s collapse was not the first such event. The report mentions the launch of the KIP protocol in December 2024, which, according to investigators, followed the same pattern.

The president publicly confirmed KIP’s operation shortly before the project’s liquidity was withdrawn. Blockchain analysis showed that operator Manuel Terrones Godoy exchanged KIP tokens for USDT and transferred them to his partner Mauricio Novelli on the day the token was launched.

Lawsuit has been filed in the New York Supreme Court against the LIBRA token’s creators

Lawsuit has been filed in the New York Supreme Court against the LIBRA token’s creators

Retail investor losses totaled $251 million

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According to the report’s findings, both cases confirm that the administration may have circumvented the National Securities Commission (CNV) to promote these projects. Both tokens first received presidential support, then their liquidity was withdrawn, leading to a sharp drop in price.

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