Argentina’s $LIBRA controversy began when President Javier Milei promoted a newly launched memecoin on 14 February 2025. Its price surged and then collapsed, prompting fraud allegations and investigations. The case has produced conflicting institutional assessments, but the reporting available through 2 June 2026 does not establish a final criminal finding against Milei; developments after that date are not established here.
What happened to $LIBRA?
On 14 February 2025, Milei posted about the newly launched $LIBRA token. As reproduced by the Associated Press, his post said the project was intended to encourage economic growth by funding small businesses and startups. The token rose rapidly before its price plunged. Milei deleted the post and later said he did not know the project’s details. His office said he had not participated in developing the token and that the post was removed to limit further exposure. The Associated Press reported the post, the collapse and the explanations from Milei and his office.
The collapse was followed by complaints and allegations of fraud, including claims reported by a local NGO. Those claims were allegations, not judicial findings. In February 2025, a federal judge was assigned to investigate the case; Reuters reported a brief rally followed by a sharp plunge. Reuters via Investing.com reported the judge’s assignment and market reaction.
What did Argentine institutions conclude?
The administrative ethics review, the congressional inquiry and the prosecutor’s criminal investigation have different mandates and procedural status. Their conclusions should not be treated as interchangeable.
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| Institution or process | What it addressed | Reported assessment or status |
|---|---|---|
| Anti-Corruption Office, June 2025 | Whether Milei violated the Public Ethics Law | It concluded that he had not. EFE reported that the office treated the post as private communication and found no state procedure, act or contract relating to the project. This was an administrative ethics determination, not a ruling resolving the criminal investigation. Agencia EFE’s report on the office’s determination. |
| Congressional investigative commission, reported February 2026 | Political scrutiny of Milei’s promotion of the token and access to the president | EFE reported that the commission concluded Milei used his presidential investiture to promote $LIBRA and that his sister facilitated access to official facilities and to the president. EL PAÍS reported the commission’s conclusion that Milei may have provided indispensable collaboration. These were the commission’s conclusions, not a court verdict. EFE’s anniversary report and EL PAÍS’s account of the case. |
| Criminal investigation | Alleged crimes connected to the token | In February 2026, prosecutor Eduardo Taiano said: “The case is still under investigation; we are carrying out evidentiary measures.” EL PAÍS reported that courts had not summoned witnesses or defendants at that point. Neither fact constitutes a final criminal judgment. EL PAÍS reported the prosecutor’s statement and procedural status. |
What figures did the congressional report cite?
EL PAÍS reported that the congressional report counted 114,410 digital wallets with losses. It also said 498 wallets lost more than $100,000 each, 3,144 lost between $10,000 and $100,000 each, and 36 wallets each earned more than $1 million. These are figures attributed to the congressional report through EL PAÍS, not an independent audit presented here; the wallet figures do not by themselves establish who was responsible for losses or gains. See EL PAÍS’s report on the commission’s figures.
What was the latest reported development in the criminal inquiry?
On 2 June 2026, EL PAÍS reported that Argentina’s specialized cybercrime unit, UFECI, lacked resources to analyze certain cryptocurrency transfers after a trial license for tracing software expired. The requested analysis concerned transfers totaling $4,780,100 made on 30 January, 3 February and 13 February 2025. That total is the amount of transfers the report said were to be analyzed; it does not establish that the money was paid to Milei.
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The same report said the first transfer, $499,000, coincided in date and time with a visit by Hayden Davis to Milei at the Casa Rosada. It also described a purported agreement recovered from an intermediary’s phone and alleged links among participants. These are details reported by EL PAÍS, not proof of a crime or of Milei’s receipt of funds. Read EL PAÍS’s 2 June 2026 report on the forensic-analysis bottleneck.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What is established—and what remains unresolved?
The available reporting establishes that Milei promoted $LIBRA, that the token’s rapid rise was followed by a collapse, and that the episode led to complaints and multiple forms of inquiry. It also documents an administrative ethics finding in Milei’s favor and a critical assessment by a congressional commission. Those assessments address different questions and do not decide the separate criminal case.
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- Smart backup: Use your second Tangem Wallet as your Backup keys with end‑to‑end encryption; no more papers, pictures. If one card is lost, the remaining can still restore full access, with an optional seed phrase available for advanced users.
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The latest dated report on the criminal inquiry available here is from 2 June 2026. It describes an evidence-analysis bottleneck, not a resolution. The case’s status on 8 October 2026, including whether later filings or rulings changed it, is not established by these sources. No final criminal finding that Milei committed fraud is established in the reporting cited here.
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