Argentina’s Congress Opens Inquiry Into LIBRA Meme Coin Scandal
Argentina’s Chamber of Deputies has initiated an inquiry into the LIBRA meme coin scandal, forming an investigative commission and summoning key government officials.
- The inquiry aims to investigate President Javier Milei's involvement.
- High-ranking officials summoned include Chief of Cabinet Guillermo Francos and Economy Minister Luis Caputo.
- Lawmakers have demanded detailed records from the executive branch.
- Deputy Pablo Juliano emphasized the need for transparency.
- Criticism arose from Deputy Nicolás Mayoraz regarding Congress overstepping its authority.
- Ruling party leader Gabriel Bornoroni highlighted a fiscal surplus and declining inflation as opposing lawmakers criticize the investigation.
LIBRA Meme Coin Collapse
The controversy began on February 14 after President Milei endorsed the LIBRA token, launched by Kelsier Ventures. The token's value surged from $0.000001 to $5.20 within 40 minutes before founders sold off holdings, causing it to plummet to $0.99.
- Over 100 fraud complaints have been filed.
- International law firms are filing class action lawsuits for affected investors.
- LIBRA’s valuation reached $4.4 billion before its collapse impacted the meme coin market significantly.
- Approximately $26 billion was lost in total meme coin market value following the incident.