Milei shuts down LIBRA task force probing ties to his administration

Argentinian president Javier Milei has ordered the closure of the Task Force for Investigation (UTI) established earlier this year to examine his relationship with the LIBRA token, according to a May 20 publication in Argentina’s Official Gazette.

Milei and Justice Minister Mariano Cúneo Libarona signed Decree 332/2025 to dissolve the task force. The decree stated the forwarding of information gathered to the Public Prosecutor’s Office, and that the UTI had completed its mandate.

Additionally, local news outlet Ámbito reported that Argentine judicial authorities have confirmed that the broader criminal investigation will continue under the Public Prosecutor’s Office. 

Investigators evaluate whether financial crimes or conflicts of interest occur when involving presidential associates.

The disbanded task force has not released any official findings, and the identities of the original LIBRA developers remain undisclosed. 

LIBRA aftermath

Decree 114/2025 formed the UTI. It tasked it with determining whether fraudulent activity or misconduct occurred in the promotion and collapse of LIBRA, a memecoin Milei personally endorsed via his official X account on Feb. 14. 

The LIBRA case has generated widespread legal and political fallout. Shortly after Milei’s public endorsement, which framed the token as a path to financial freedom, LIBRA’s market capitalization surged to over $4.5 billion. 

The rapid rise drew in large retail investment volumes, only for the token to crash by more than 85% within days. Trading liquidity evaporated, prompting accusations of market manipulation and insider profiteering, which resulted in Milei’s public trust plummeting.

Milei marketed LIBRA as a way to fund small ventures in Argentina. Following the crash, opposition lawmakers accused the Milei administration of promoting an unregulated financial instrument to politically aligned investors. 

Furthermore, a federal judge in Argentina ordered the freezing of assets belonging to individuals tied to the project. 

Judge María Servini also authorized investigators to bypass banking secrecy protections to examine the financial records of both President Milei and his sister, Karina Milei, amid allegations of links to the token’s backers.

Since the task force has not published a report with its investigation’s results, the ties between LIBRA issuers and Milei’s administration are unclear.

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