Argentine President Javier Milei dissolved a task force investigating his involvement in February's Libra (LIBRA) meme coin launch. The decision, revealed in government documents published on Tuesday, came after the task force completed its investigation, the details of which remain undisclosed.
Milei faced criminal charges for promoting the Solana-based Libra, which was alleged to benefit Argentina. Following the launch, the coin's value surged before crashing, leading to accusations of a pump-and-dump scheme.
According to CoinGecko data, the price of Libra has increased by 60% in the last 24 hours. It reached a daily peak above $0.04, marking its highest price in nearly a month.
James Bosworth, founder of Hxagon, suggested the timing was strategic, preventing potentially damaging information from surfacing before midterm elections. Milei's efforts to stabilize the peso and recent election wins in the capital provide a favorable backdrop for this decision.
Notably, Milei's party won the capital's legislative election last weekend. In 2022, before his presidency, Milei was sued by investors for allegedly promoting a crypto investment platform promising high returns.
This year, meme coins gained attention after President Trump launched his own Solana token. While down 81% from its peak, TRUMP remains the 52nd largest cryptocurrency, facing criticism over potential conflicts of interest.
This article is based on our author's analysis of materials taken from Decrypt.