The investigation into the ‘$LIBRA’ cryptocurrency scam, which was endorsed by President Javier Milei on the social network X in 2025, gained renewed attention on Monday as legislators reestablished a parliamentary commission to scrutinize recent media disclosures. In mid-February of the previous year, Milei actively promoted and disseminated information regarding a memecoin known as $LIBRA on X, only to subsequently remove the post shortly thereafter. In the interim, the relatively obscure cryptocurrency experienced a significant increase in value, followed by a sharp decline, resulting in losses exceeding US$100 million for investors both in Argentina and internationally. At that moment, Milei refuted the notion of endorsing the cryptocurrency, asserting that he had “not been familiar with the details of the project.” In November, a parliamentary commission chaired by the opposition determined that the dissemination of information regarding LIBRA on X might amount to fraud. The committee assigned political accountability for the incident to President Milei and his sister, Karina Milei, who serves as Presidential Chief-of-Staff.
Maximiliano Ferraro declared on Monday the establishment of a “ad hoc commission” of deputies tasked with investigating the recent disclosures related to the case, which captured significant attention in domestic media over the weekend. “The launch and promotion of LIBRA was not improvised or accidental on the part of the President. It was a planned, coordinated operation carried out with premeditation,” Ferraro declared. He previously held the position of chair for the parliamentary commission that conducted an analysis of the case last year. Last week, local media disclosed leaked information from a judicial forensic analysis of a phone belonging to a close associate of Milei. This examination reportedly reveals a network of calls and a series of messages involving the President, his sister, and the developers and advocates of the cryptocurrency. The forensic analysis of the phone belonging to crypto entrepreneur Mauricio Novelli, identified as a government lobbyist, revealed that he purportedly communicated with Milei via phone at least five times in the moments leading up to the cryptocurrency’s launch. The media has also released what it claims to be a draft agreement between Milei and US national Hayden Davis, who serves as the public representative of the initiative.
The document allegedly details a payment of US$5 million to the President in return for endorsing the cryptocurrency. The status of the contract’s signing remains ambiguous. “The evidence presented is unequivocal: there exists a network of direct coordination between operators from the crypto sector – notably fringe operators – and individuals associated with the President,” the lawmaker stated. Ferraro, accompanied by approximately a dozen opposition deputies, announced his intention to file a complaint against prosecutor Eduardo Taiano, who is conducting the investigation into the case, before a disciplinary tribunal “for obstructing the investigation” and for “possible cover-up.” Legislators will additionally request that the President and Karina Milei “provide explanations” before Congress. Late Monday, Justice Minister Juan Bautista Mahiques emphasized the importance of permitting the courts to conduct an investigation into the LIBRA case. He characterized the purported breach of confidential information from the case file maintained by prosecutor Taiano as “very serious.”
“The fact that it has been leaked is indeed a matter of considerable gravity. “Ministries must cooperate with whatever the prosecutor or the judge requires, but the most serious issue is that someone may have had access to this file, which means the chain of custody is not guaranteed,” the government official stated. “We cannot guarantee that part of this file has not been manipulated,” stated the justice minister during an interview. Mahiques indicates that authorities are investigating the possibility that the material disseminated in the media could have been modified or manipulated. The minister emphasized that it is imperative for the courts to be permitted “to investigate the LIBRA case,” the minister asserted.