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- A congressional report accuses Argentina’s President of fraud for promoting the LIBRA token before its collapse.
- The report details 16 meetings between Milei and LIBRA creators, suggesting deliberate evasion of institutional controls.
A commission within Argentina’s Congress has released its final assessment concerning the downfall of the $LIBRA cryptocurrency. The document charges President Javier Milei with alleged fraud related to his public endorsement of this digital asset.
According to the legislative commission, this promotion caused multi-million dollar losses for investors. The lawmakers spent several months conducting their inquiry before publishing these findings.
Under the heading “LIBRA WAS NOT AN ISOLATED EVENT” the report maintains that President Milei used the influence of his office to boost the token’s public profile. The commission indicated that a social media post by the president, later deleted, spurred a substantial volume of purchases.
This situation caused financial harm to more than 114,000 virtual wallets holding positions in the token.
Congressional Investigation Details Fraud Accusations
The investigative committee’s secretary, Juan Marino, directly confronted the allegations of presidential participation. Marino asserted that Javier Milei utilized his official position to facilitate the realization of the LIBRA operation.
The official record states:
“Absent his social media endorsement, LIBRA would have maintained substantially lower trading activity. The president’s actions constituted essential support for implementing the scheme.“
Quantitative findings from the probe delineate the financial impact. Examination demonstrates that 498 separate wallets incurred damages surpassing $100,000 per wallet. An additional group of 3,144 digital wallets saw losses ranging from $10,000 to $100,000.
Meanwhile, the documentation confirms 36 wallets gained profits above $1 million, which parliamentary members identify as a suspected rug-pull operation.
The president has consistently refuted accusations of improper conduct. Milei maintains he simply disseminated basic project information while lacking detailed technical understanding. He portrays himself as a technology advocate working to establish Argentina as a digital innovation center.
After the token’s value collapse, the president informed media outlets he “absorbed negative consequences” for attempting to assist a national enterprise.
Network of Encounters Provides Foundational Evidence
Legislative investigators documented numerous encounters between President Milei and LIBRA development team participants. These figures encompass American entrepreneur Hayden Davis and Singaporean businessperson Peh Chyi Haur, who operates under the name Julian Peh.
Arranging these gatherings required participation from cryptocurrency specialists Mauricio Novelli and Manuel Terrones Godoy, plus Sergio Morales, previously a consultant for Argentina’s National Securities Commission.
Monitoring information from global digital asset platforms apparently verified monetary movements and economic relationships among the named participants. Lawmakers contend these components reinforce their concerns about Milei’s engagement.
The investigation also involves Karina Milei, both the president’s sibling and administrative director. She faces claims of enabling governmental resource utilization and coordinating presidential accessibility for relevant parties. These arrangements were purportedly employed to activate what the committee examines as a transnational fraudulent operation.
