A congressional commission has published an investigative report concluding that President Javier Milei committed “alleged fraud” after promoting a suspected cryptocurrency scheme earlier this year in which investors lost several million dollars.
The report, prepared by the lower house Chamber of Deputies and chaired by members of the opposition, said “the facts analysed would be compatible with an alleged fraud” and assigned the “political responsibility” to President Milei and his sister, Presidential Chief of Staff Karina Milei.
The commission sent its findings to Congress for evaluation on whether the President engaged in “poor performance in the exercise of his duties,” though no timetable has been set for that assessment and it is unlikely to progress.
The final report, approved after months of hearings and the review of 10 technical and documentary files, not only outlines suspected fraud and attributes direct responsibility to President Milei, it also accuses key government officials of breaching their public duties and criticises the Judiciary for blocking crucial investigative steps.
The controversy began in mid February when Milei posted about a little-known token called $LIBRA on social media. The coin surged in value and then collapsed within hours, wiping out millions of dollars for local and foreign investors. Industry specialists have described the operation as a classic “rug pull” – a scam in which developers launch a token, draw in investors and then cash out.
When $LIBRA went from boom to bust in the space of a day, President Milei later claimed he "did not know the details of the project." He later denied having promoted the project, saying he merely “shared” it. He described himself as a “fanatic techno optimist” and said he wanted Argentina to become a “technology hub,” complaining he had “taken a slap” for “trying to help an Argentine.”
Dozens of legal complaints have since been filed against the President and those linked to $LIBRA, including some submitted in the United States. All cases were centralised under a single judge and prosecutor leading the criminal investigation.
The legislative commission said in its report that it submitted its conclusions to the court investigation, though any further action by Congress on the $LIBRA case is unknown.
New lawmakers elected in October’s midterm vote take office on December 10. With a more pro-Milei composition from that point on, Congress is seen as less likely to pursue any further action.
The commission was unable to question the President or his sister for the inquiry, as neither appeared for questioning when they were summoned. Lawmakers also cited what they called a “total lack of cooperation” from the administration, noting that other officials were summoned but did not appear.
Lawmakers argued in the report that the $LIBRA case is not an isolated episode. Their report traced what they called a prior modus operandi, citing earlier digital-asset promotions involving the KIP Protocol token, launched in December 2024, and the Vulcano and CoinX platforms. The names of Mauricio Novelli, Manuel Terrones Godoy and President Milei all appear again, in roles ranging from promotion to alleged intermediation.
The commission incorporated detailed technical reports. One assessed that 80 percent of wallets lost money, while only a very small circle secured substantial profits.
– TIMES/AFP/PERFIL
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