Lawmakers in Argentina are taking action to investigate a cryptocurrency scandal involving the nation’s president, Javier Milei.
On February 14th, the price of the newly-launched LIBRA memecoin surged after Milei posted about the project on his social media accounts.
Within hours, the token crashed, causing over 75,000 retail investors an estimated $280 million in losses. Milei removed his posts five hours after making them.
The incident prompted allegations of a rug pull scam, which happens when backers hype and inflate the price of a crypto asset and then suddenly abandon the project after taking the investors’ funds.
The Chamber of Deputies, the lower house of the Argentine National Congress, is now pushing forward with the investigation of the scandal following the approval of three draft resolutions related to LIBRA.
The first resolution to create an investigative commission was approved with 128 votes in favor, 93 against and seven abstentions.
The second, which seeks to question executive branch officials, including Chief of Staff Guillermo Francos, Minister of Economy Luis Caputo, Minister of Justice Mariano Cúneo Libarona and head of the National Securities Commission (CNV) Roberto Silva, received 131 affirmative votes and 96 negative votes.
The third resolution to request reports from the national government on various issues associated with the Libra cryptocurrency was approved with 135 votes in favor, 84 against and seven abstentions.
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