Milei Closes Working Group Investigating Links to LIBRA Meme Token

Argentine President Javier Milei has ordered the closure of the Working Group for Investigation established earlier this year to examine his relationship with the LIBRA token, according to a publication from May 20 in the Argentine official gazette.

Milei and Justice Minister Mariano Cúneo Libarona signed Decree 332/2025 for the dissolution of the working group. The decree states that the collected findings are forwarded to the State Attorney’s Office, and that the working group has completed its mandate.

Additionally, local news outlet Ámbito reported that Argentine judicial authorities confirmed that the criminal investigation will continue under the Office of the Public Prosecutor. Investigators are assessing whether financial crimes or conflicts of interest are involved concerning the president’s associates. The dissolved working group did not publish any official findings, and the identities of the original LIBRA developers remain undisclosed.

What happened?

The working group was established by Decree 114/2025. It was tasked with determining whether fraudulent activity or misconduct occurred in the promotion and collapse of LIBRA, the meme token that Milei personally endorsed via his official account on X on February 14.

The LIBRA case has triggered widespread legal and political repercussions. Shortly after the public endorsement in which Milei promoted the token as a path to financial freedom, LIBRA’s market capitalization rose to over $4.5 billion.

The rapid increase attracted a large number of small investors, only for the token to crash by more than 85 percent within a few days. Trading liquidity evaporated, leading to allegations of market manipulation and insider profiteering, resulting in a decline in public trust in Milei.

Milei promoted LIBRA as a means of financing small ventures in Argentina. Following the crash, opposition lawmakers accused Milei’s administration of promoting an unregulated financial instrument to politically motivated investors.

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

Judge María Servini also authorized investigators to bypass bank secrecy protections to examine the financial data of both President Milei and his sister, Karine Milei, amid allegations of connections to the token’s supporters.

Since the working group did not publish a report with the results of its investigation, the links between the LIBRA issuer and Milei remain unclear.