TechFlow news, on November 21, according to The Block, Argentina's congressional investigative committee released a final report on Tuesday accusing President Javier Milei of providing "key cooperation" in the $LIBRA cryptocurrency collapse, and recommended Congress assess whether this constitutes misconduct. The report shows that Milei promoted the $LIBRA token on his personal social media accounts, after which eight wallets linked to the Libra team cashed out $107 million, causing losses for 114,410 investor wallets.
The 200-page report, titled "$LIBRA Is Not an Isolated Incident," reveals a series of systemic issues. The investigation found that Milei's government also promoted a cryptocurrency called the KIP protocol, which experienced its liquidity pool being drained shortly after launching in December 2024. The committee believes this indicates the government intentionally bypassed regulatory bodies such as the National Securities Commission (CNV).
Currently, Milei and Libra founders including U.S. entrepreneur Hayden Davis are facing judicial investigations in Argentina and a class-action lawsuit filed by New York's Burwick Law firm. Milei has denied any wrongdoing and dissolved in May a special task force established by his office to conduct an investigation, after a judge previously requested the Central Bank of Argentina unblock the bank accounts of the president and his sister Karina Milei.
