Argentina's President Javier Milei Under Investigation Over Controversial Cryptocurrency Promotion
Argentina's Anti-Corruption Office (OA) is set to investigate President Javier Milei and his cabinet following allegations linked to a cryptocurrency he promoted on social media, which may be associated with virtual scams. In a surprising turn of events, Milei has proactively requested the OA's intervention to uncover any potential misconduct involving himself or any members of his administration.
The President's Office released a statement confirming the establishment of an Investigation Task Unit (UTI) specifically designed to scrutinize LIBRA, the cryptocurrency in question. Notably, the name of this cryptocurrency corresponds with Milei’s zodiac sign, raising additional questions about the coincidence. The UTI will include representatives from various agencies that oversee crypto assets, financial operations, and the prevention of money laundering.
The primary goal of this initiative is to gather comprehensive information to assist the justice system in determining whether any individuals or companies linked to the KIP Protocol project engaged in criminal activities. According to official sources, representatives from the KIP Protocol met with Milei on October 19, 2024, to discuss their project, ‘Viva la Libertad,’ which was intended to fund private ventures through blockchain technology.
The meeting involved notable figures, including company representatives Mauricio Novelli and Julian Peh, as well as presidential spokesperson Manuel Adorni. Furthermore, on January 30, 2025, Milei held another meeting at Casa Rosada with Hayden Mark Davis, a businessman whom KIP Protocol claimed would provide the necessary technological infrastructure for the project. However, it was clarified that Davis had no connections to the Argentine government and was merely introduced by KIP Protocol as a partner in the venture.
Despite Milei publicly sharing the launch of LIBRA on his social media, the presidency defended his stance, asserting that the president did not participate in its development. In response to the ensuing controversy, Milei indicated he would delete the post to minimize publicity. Nevertheless, the cryptocurrency's value surged dramatically, with initial investors—fewer than ten individuals—successfully withdrawing their funds, netting around 874 million dollars before a sudden crash in LIBRA's market value.
In the wake of these developments, both KIP Protocol and Davis have issued conflicting statements, each attempting to assign blame for the financial fallout. Davis specifically accused Milei’s team of diverting responsibility onto Julian Peh in an attempt to evade accountability for the events that transpired.
As the investigation unfolds, all eyes will be on President Milei and his cabinet as they navigate this scandal, which not only questions the integrity of the administration but also threatens the stability of cryptocurrency regulations in Argentina.
Related Sources: