Argentina

Argentina's Milei Dissolves Unit Investigating Crypto Scandal

Published MAY 21 2025

Story

Above: Argentina's President Javier Milei delivers a speech during a closing campaign rally for the Buenos Aires City Legislature in Buenos Aires on May 14, 2025. Image credit: Contributor/Stringer/AFP via Getty Images

The Facts

Argentine President Javier Milei this week shut down the Investigative Task Force — which he established three months ago to probe the so-called $Libra cryptogate, as well as the alleged roles of him and his sister Karina in the scandal — ending the government's internal investigation into the matter.
Bloomberg.com
Buenos Aires Times
In a decree published in the official gazette Tuesday, the president and his justice minister, Mariano Cúneo Libarona, said that information gathered from multiple government departments and offices had been transmitted to the public prosecutor's office and that the Unit has fulfilled its assigned task.
Buenos Aires Times
Reason Magazine
The unit was created amid political pressure, with responsibilities including gathering documents from public and international bodies. The head of the unit — Maria Florencia Zicavo — was tasked with determining whether there had been irregularities or acts of corruption.
Bloomberg.com
teleSUR English
$Libra soared to $5 a token and up to $5 billion in market capitalization, but quickly crashed to zero after the Argentine president shared information on his X account on Feb. 14 about the alleged crypto rug pull — an exit scam in which creators lure investors only to cash out later.
Cointelegraph
Reason Magazine
A federal judge in Argentina last week requested the country's central bank produce records related to President Javier Milei and his sister for a probe into their assets, and imposed a 90-day freeze on the assets of three other men indicted in the case.
Buenos Aires Times
Investigations within Argentina's Congress saw Argentina's chief of staff Guillermo Francos testify in defense of Milei, while Cúneo Libarona and Economy Minister Luis Caputo failed to show for their scheduled testimonies. Argentina, Spain, and the U.S. are conducting their own investigations.
Bloomberg.com
Buenos Aires Herald
Buenos Aires Times
teleSUR English

Sources Split

LEFT

CENTER

RIGHT

ESTAB
CRIT

CENTER

PRO
ESTAB

The Spin

Right narrative

This matter has been overblown by political opponents in a bid to harm the reputation of the government of Javier Milei, as macroeconomic indicators continue showing positive signs. Markets, as well as Argentines, trust the president, as they care about actual results, not opposition-driven controversies.

La Derecha Diario

Left narrative

This move raises serious concerns about transparency and accountability, especially as Milei has a history of promoting controversial crypto investments. It's no wonder that his decision comes at a time when his popularity is high — he wants to seize the moment to prevent bad news from coming to light before the midterms later this year.

Decrypt