Argentina's LIBRA Memecoin Scandal Sparks Intense Congressional Probe

Chamber of Deputies Votes to Uncover Truth Behind $280M Crypto Collapse

Buenos Aires is buzzing with the latest twist in the LIBRA memecoin saga. The Chamber of Deputies, in a fiery session on April 8th, greenlit a full-blown investigation into the scandal that saw nearly $280 million vanish from the pockets of around 75,000 traders. The crypto community is on edge as lawmakers dig deep to find out what really went down.

With a unanimous roar of 128 votes, the deputies launched an investigative commission to get to the bottom of this mess. It's game on as they aim to unravel the mystery behind LIBRA's explosive launch and its devastating crash. The air was thick with tension as three resolutions sailed through, signaling a no-nonsense approach to uncovering the truth.

The heat's on as the deputies are calling in the big guns: Chief of Staff Guillermo Francos, Economy Minister Luis Caputo, Justice Minister Mariano Cúneo Libarona, and the head of the National Securities Commission, Roberto Silva. They're all set to be grilled on their roles and what they knew about this fiasco.

The third resolution demands that the executive branch cough up detailed reports on LIBRA's shady development and how the government played a part in hyping it up. Despite some pushback from the ruling La Libertad Avanza party, these resolutions passed with flying colors, showing that the deputies mean business.

The opposition isn't holding back either. They're demanding transparency and accountability. "Society has the right to know the truth," declared Maximiliano Ferraro from the Civic Coalition, his voice echoing through the chamber. Others are sounding the alarm on executive overreach and calling for respect for judicial processes.

The LIBRA drama kicked off on February 14th when President Javier Milei took to X to promote the token, claiming it would "boost the Argentine economy." The token skyrocketed over 3,000% in a flash, only to nosedive 90% hours later after Milei deleted his post and claimed ignorance about the token's details. His government tried to brush it off as just supporting entrepreneurship, but the damage was done.

As the dust settled, investigations pointed fingers at insiders like Kelsier Ventures, who allegedly got their hands on tokens and played fast and loose with liquidity before the launch, raking in over $110 million. The fallout has been swift, with a flurry of lawsuits targeting the masterminds behind LIBRA.

One bombshell lawsuit dropped on March 18th by Burwick Law in New York, targeting Kelsier Ventures, KIP Protocol, and Meteora. They're accused of pulling off a slick operation involving deceptive practices, liquidity manipulation, and outright fraud. Court documents reveal that the developers hoarded 85% of the token supply, allowing insiders to siphon off liquidity at launch while retail investors were fed false dreams of economic revival.

The political fallout is real. Lawmakers from all sides are slamming President Milei's handling of the scandal, saying it's a blow to his anti-corruption image. With midterm elections looming later this year, this could be the scandal that shakes up Argentine politics.