So, it turns out that Argentina’s lawmakers have decided to poke around in the chaos that is the LIBRA memecoin scandal, which, for the record, evaporated a whopping $280 million from the pockets of nearly 75,000 unsuspecting investors. Truly, it’s the kind of thing that makes you wonder if there’s a hidden ‘How to Lose Everything in 24 Hours’ manual floating around somewhere.
On April 8, the Chamber of Deputies, in their infinite wisdom (or perhaps just because they were bored), approved three resolutions. First, they formed a special commission to figure out just how this token went from “I’m the future of digital currency!” to “I’m the future of financial regret!” within a matter of hours.
La Cámara de Diputados buscará tratar pedidos de informe sobre el estado de situación de la obra pública, temas relacionados con el activo digital $ LIBRA y proyectos previsionales y de emergencia en discapacidad.
— Diputados Argentina (@DiputadosAR) April 7, 2025
Second, they called in big shots like Chief of Staff Guillermo Francos and Economy Minister Luis Caputo to sit down for a nice long chat. And third, they demanded the government’s top-secret (or maybe just really boring) reports about the entire LIBRA launch fiasco.
The whole thing kicked off on February 14, because what says “Happy Valentine’s Day!” better than a random cryptocurrency endorsement? President Javier Milei, on that fateful day, posted about LIBRA on X, claiming it would “boost the Argentine economy.” Naturally, the token skyrocketed by more than 3,000%, because why not? But then, in a plot twist that would make even the most seasoned soap opera writer proud, Milei deleted the post, said he didn’t know what he was talking about, and shrugged it off as routine “support for entrepreneurs.” Classic move, really.
But wait, there’s more! Turns out, there may have been some very shady business going on behind the scenes. Kelsier Ventures, for example, is reportedly involved in manipulating liquidity before the launch, making a cool $110 million in the process. Meanwhile, a U.S. class-action lawsuit alleges that developers led investors down a path of false hope, all while holding on to 85% of the token supply. Because, you know, that’s exactly how trustworthy investments are made!
Now, opposition leaders are stepping up to the plate and demanding some answers. “Society deserves the truth,” said lawmaker Maximiliano Ferraro. Well, sure, Maximiliano, society also deserves a unicorn that grants wishes, but let’s not get carried away. With midterm elections on the horizon, this little financial fiasco could seriously rain on Milei’s anti-corruption parade. Oh, the drama!
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2025-04-09 09:42