The government has announced that the special unit, established and subsequently disbanded by President Javier Milei, has concluded its investigation into allegations concerning the controversial cryptocurrency scandal, having completed its “assigned task.” President Javier Milei has disbanded a specialized investigative unit that he personally created to examine purported misconduct in his contentious endorsement of the ‘$LIBRA’ cryptocurrency,
In a decree signed by the President and published in the Official Gazette on Tuesday, Milei justified the move on the grounds that the unit had completed its “assigned task” – examining complaints about the head of state’s role in the so-called ‘cryptogate’ scandal. “The Government considers that the information gathered has been forwarded to the Public Prosecutor’s Office and that the Unit has fulfilled the task assigned under Decree No. 114/25,” reads Decree 332/2025, which is co-signed by Justice Minister Mariano Cúneo Libarona. Information was sourced from several government departments and offices, including the Anti-Corruption Office, Central Bank, Financial Information Unit (UIF) money-laundering watchdog, the National Securities Commission (CNV) and the ARCA tax bureau (ex-AFIP), among others.
The Investigative Task Unit (UTI) was established by Milei on February 19, just five days following the contentious introduction of the $LIBRA memecoin, which experienced a movement exceeding US$4.5 billion before experiencing a significant decline in value. It is estimated that investors have incurred losses amounting to at least US$250 million in total due to the scam. $LIBRA was promoted by Milei on his personal social media accounts last February 14 as a “private project” aimed at “stimulating the growth of the Argentine economy, by financing small businesses and Argentine entrepreneurs.” “The world wants to invest in Argentina.” “$LIBRA,” he wrote.
However, $LIBRA experienced a rapid transition from boom to bust within just one evening. Following Milei’s apparent thumbs-up, it experienced a significant surge in value, only to subsequently decline by 90 percent within a mere two hours. Industry experts have characterized the operation as a “rug pull” – a fraudulent scheme in which developers launch a crypto token, draw in investors, and subsequently cash out swiftly. The President subsequently asserted that he “did not know the details of the project.”
“I have nothing to hide … I didn’t promote it, I spread awareness of it, Milei said at the time, attempting to play down his role in the scandal. In the previous month, legislators in Argentina’s lower house supported the establishment of a commission of inquiry aimed at examining possible misconduct related to the introduction of the ‘$LIBRA’ cryptocurrency. In conjunction with the establishment of the investigative body, deputies successfully obtained authorization to call upon essential government officials to provide testimony regarding the matter.
Judge María Romilda Servini de Cubría is currently investigating Milei’s ties to $LIBRA, following allegations of his involvement in fraud, associations with criminals, or potential malfeasance. Last week, she directed the Central Bank to furnish details regarding banking operations associated with President Milei and his sister, Karina Milei, who serves as Presidential Chief-of-Staff. No information has been disclosed regarding the Public Prosecutor’s Office and its assessment of potential financial crimes or conflicts of interest involving officials from the national government.
According to local media reports, investigations are also ongoing with the Anti-Corruption Office. The scandal has also led to allegations of fraud in U.S. courts, with a class-action suit accusing Milei of “deceptive promotion” and “negligence,” contending that the investments could not have occurred without his publicity. As of now, there has been no release of official data or findings from the recently closed UTI unit. The unit, situated within the Justice Ministry, was assigned the responsibility of collecting information regarding the case and working in conjunction with the Judiciary and the Public Prosecutor’s Office throughout the investigative procedure. María Florencia Zicavo, a prominent official within the Justice Ministry, spearheaded the initiative, being recognized as Cúneo Libarona’s “right-hand woman,” as reported by Perfil.