Argentine President Milei Faces Impeachment Calls as LIBRA Token Plummets 90
1min read Argentine Federal prosecutor Eduardo Taiano is currently investigating the LIBRA scandal, with a particular focus on President Javier Milei and other individuals associated with the token. The scandal involves approximately $110 million in accumulated funds, and authorities are seeking international assistance to trace the transactions and freeze the assets. Taiano's strategy includes blacklisting digital addresses to slow down the dispersion of funds globally and obtaining international warrants to gather data from foreign cryptocurrency exchanges. He is also collaborating with foreign agencies to investigate potential money laundering attempts.
The investigation centers around the Solana token LIBRA, which experienced a sudden surge to a $2 billion market cap before losing 90% of its value. The token's crash occurred after insider-related wallets withdrew funds at the peak of the market surge. Taiano is also examining phone logs and visitor records to the presidential offices, as well as individuals close to Milei, particularly those with cryptocurrency ties.
The scandal, dubbed "Libragate," has sparked calls for Milei's impeachment. On February 14, Milei posted on X, describing the Libra coin as a promoter of Argentine business and supporter of new startups. He included a link to the token’s website and the Solana address for the token. One of the wallets associated with the pump and dump scheme transferred $4.5 million to a new address, with some funds allocated to the meme coin POPE, which could be an attempt at laundering the token.
Authorities are investigating whether there are any legal frameworks in Argentina to prosecute insider trading. There is also speculation that Milei may have been set up, as political hit jobs are not uncommon. The event has certainly embarrassed President Milei, diverting his focus from economic recovery to managing the negative publicity.
