LIBRA Meme Coin Surges 80% After Argentine Task Force Dissolved

LIBRA, a Solana-based meme coin, experienced a significant surge of over 80% following the dissolution of an investigative task force by Argentine President Javier Milei. The Investigative Task Unit (UTI) had been tasked with investigating the token and forwarded all its collected information to the national prosecutor’s office before being disbanded. This move by Milei comes amidst strong pressure to investigate his financial ties, although it does not alter the criminal charges currently filed against him.

The LIBRA pump and dump scandal has been a major controversy within Argentina’s crypto community, particularly due to Milei’s alleged involvement. The token, which was once a sensation in Argentina, has since faced a tumultuous journey. Despite its collapse in February, LIBRA has shown intermittent rallies, including a brief recovery of 60% after Milei reposted a purchasing guide. However, these gains were short-lived, as a disastrous TV interview sent the token crashing again on the same day.

The dissolution of the UTI does not necessarily impede the ongoing investigations into Milei’s involvement in the LIBRA project. A federal judge recently ordered the release of financial records from Milei, his sister, and three other associates, who also had their assets frozen. Additionally, the scrutiny extends beyond Argentina, as many LIBRA investors were US citizens, raising the possibility of American enforcement agencies getting involved. Local media reports suggest that some of these investors are filing a class-action suit, indicating that the legal scrutiny surrounding Milei and LIBRA is far from over.

Despite the dissolution of the UTI, the investigations into Milei’s financial ties and his involvement in the LIBRA project are likely to continue. The token, now an orphaned meme coin, faces an uncertain future. However, the legal and financial repercussions for Milei and those associated with the LIBRA scandal are expected to persist, given the ongoing investigations and potential legal actions from both domestic and international stakeholders.