Argentina Investigates Libra Memecoin Scandal, $110 Million Frozen

Argentine federal prosecutor Eduardo Taiano has launched an investigation into the controversial Libra memecoin, which gained notoriety due to its possible connections to President Javier Milei.

The probe centers around the Solana-based cryptocurrency, which skyrocketed in value following Milei’s promotion on social media, only to collapse by over 90%.

In an effort to trace the funds, Taiano has requested the freezing of over $110 million in assets tied to the Libra project. The prosecutor also aims to retrieve deleted posts, including Milei’s original endorsement, along with phone and visitor records from the presidential office.

The political fallout from the scandal has been significant, with some opposition members pushing for Milei’s impeachment. However, his allies argue that he was not directly involved in the creation of the token.

Milei had initially promoted Libra on February 14, sharing a post on X claiming it would support Argentina’s economy by funding small businesses. Despite later distancing himself from the project and removing his endorsement, the investigation continues to deepen.

Hayden Davis, CEO of Kelsier Ventures, has also come under scrutiny. Davis, who claimed to be an advisor to Milei, has admitted to holding approximately $113 million in proceeds from the token, including $100 million in stablecoins and $13 million in liquidity pool fees. His role in the scandal continues to unravel as authorities seek to determine the full extent of his involvement and Milei’s connection to the project.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.