Argentine Government shuts down Libra investigation unit after only 3 months

The Argentine government has shut down the special investigative unit tasked with probing the Libra cryptocurrency scandal after only three months. This unit was created to investigate alleged irregularities related to President Javier Milei's promotion of the Solana-based Libra and the involvement of Milei and his sister Karina in the project.

The closure was formalized by a decree signed by President Milei and Justice Minister Mariano Cúneo Libarona on May 19, 2025, which stated that the unit had "fulfilled the functions assigned to it." The unit had shared its findings with the public prosecutor's office before being dissolved.

The investigation was initiated following a tweet by Milei in February that caused Libra's market capitalization to surge to $4.5 billion before crashing over 80% within hours, leading to significant investor losses estimated at around $250 million.

The decision to disband the unit has sparked criticism from lawmakers and watchdogs who fear it may hinder transparency and the uncovering of the truth behind the scandal.

Some opposition figures have accused the administration of trying to prevent the truth from coming out. Despite the unit's closure, judicial investigations continue, with Judge María Servini ordering banks to provide financial records related to the case, including those of President Milei and his associates.

The shutdown marks the end of the government's internal probe into the Libra scandal, though a special investigative committee formed by Congress has yet to take significant action. Critics worry that this move could damage Argentina's credibility in financial oversight and set a concerning precedent for future investigations into political and financial misconduct.

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