Argentina’s prosecutor Eduardo Taiano intensifies the $LIBRA cryptocurrency probe, aiming to freeze $110 million in assets linked to President Milei. The investigation reveals insider trading activity, fund transfers, and impacts Milei’s political standing ahead of elections. Questions surrounding cryptocurrency regulation arise as international cooperation is sought to track transactions.
Argentine prosecutor Eduardo Taiano is intensifying the investigation into the $LIBRA cryptocurrency scandal, which has significantly impacted President Javier Milei. The authorities aim to freeze approximately $110 million in assets linked to this alleged fraud scheme, following the president’s promotion of the LIBRA token, which initially elevated its market value to $4.5 billion but then crashed by over 90% within hours, causing considerable investor losses.
The investigation is focused on a series of transactions between February 14 and 15, coinciding with the peak trading activity for LIBRA. Prosecutor Taiano’s office is utilizing digital forensics to track the numerous financial transactions, recover deleted social media content, and analyze trading patterns, particularly noting that eight wallets connected to the LIBRA team reportedly cashed out around $107 million before the rapid price decline.
Authorities are scrutinizing recent fund movements, particularly a $4.5 million transfer to a new wallet, with suspicions that some of these funds may have been used to acquire another cryptocurrency called POPE, indicating potential laundering attempts. Taiano has requested extensive communication records from presidential offices to gather more evidence and is interviewing a range of witnesses, including crypto experts and those in Milei’s inner circle, to uncover the depth of the scheme.
President Milei has attempted to shift responsibility, stating he merely promoted LIBRA without direct involvement, which has not alleviated mounting political pressures. His approval ratings have plummeted, complicating efforts to secure congressional support as midterm elections approach. The case has drawn attention to Argentina’s cryptocurrency regulatory framework, probing potential oversights by the Central Bank and National Securities Commission.
In addition to local investigations, international cooperation is crucial. Taiano is preparing requests for transaction data from foreign cryptocurrency exchanges, which is vital for constructing a complete picture of the scheme’s operation. Blockchain analysis remains at the forefront of the investigation, as experts track fund movements through intricate cryptocurrency networks.
Public pressure for accountability grows stronger, with citizen groups demanding transparency regarding the LIBRA scandal. The situation not only raises questions about Milei’s governance but also serves as a broader warning regarding cryptocurrency regulations worldwide, underscoring the necessity for investor protections and clear guidelines in the rapidly evolving digital asset landscape.
The investigation into the $LIBRA cryptocurrency case has intensified, with prosecutor Eduardo Taiano aiming to freeze $110 million in related assets. The allegations of a fraudulent scheme have significant implications for President Milei, who faces declining popularity amid political scrutiny. As authorities delve deeper, the case highlights severe vulnerabilities in Argentina’s cryptocurrency regulation and raises essential questions for global standards in digital asset oversight. A comprehensive investigation remains ongoing, with growing public pressure for accountability.
Original Source: moneycheck.com
