Latest news with #NationalSecuritiesCommission
The Sun
21-05-2025
- Business
- The Sun
Argentina dissolves commission that probed Milei crypto affair
BUENOS AIRES: The Argentine government on Tuesday dissolved a commission it said had completed its mission of probing a suspected scam with a cryptocurrency that soared, then crashed, after it was backed by President Javier Milei. Investors lost hundreds of millions of dollars on the $LIBRA meme coin that Milei hailed in a social media post in February, saying: 'The world wants to invest in Argentina. $LIBRA.' Industry experts have called the operation a 'rug pull' -- a scam where developers unveil a crypto token, attract investors, then quickly cash out. $LIBRA went from boom to bust in the space of a day, but Milei later claimed he 'did not know the details of the project.' The presidency itself set up a commission to investigate the matter. On Tuesday, in a notice published in the official gazette, the government said the commission was being dissolved after 'having fulfilled the task assigned to it.' Its task had been to gather information from Argentina's National Securities Commission, Central Bank and other agencies to be submitted to the office of the chief prosecutor. The notice did not specify what, if any evidence, the commission had found. In April, Argentina's Congress set up a parliamentary inquiry into the matter, and summoned the economy and justice ministers to testify, though both excused themselves. A judge tasked with investigating Milei's connection to $LIBRA in yet another probe ordered the Central Bank last week to provide information about banking operations by the president and his sister Karina Milei, who is also general secretary of the presidency.
The Sun
21-05-2025
- Business
- The Sun
Argentina Ends Probe Into $LIBRA Crypto Scam Scandal
BUENOS AIRES: The Argentine government on Tuesday dissolved a commission it said had completed its mission of probing a suspected scam with a cryptocurrency that soared, then crashed, after it was backed by President Javier Milei. Investors lost hundreds of millions of dollars on the $LIBRA meme coin that Milei hailed in a social media post in February, saying: 'The world wants to invest in Argentina. $LIBRA.' Industry experts have called the operation a 'rug pull' -- a scam where developers unveil a crypto token, attract investors, then quickly cash out. $LIBRA went from boom to bust in the space of a day, but Milei later claimed he 'did not know the details of the project.' The presidency itself set up a commission to investigate the matter. On Tuesday, in a notice published in the official gazette, the government said the commission was being dissolved after 'having fulfilled the task assigned to it.' Its task had been to gather information from Argentina's National Securities Commission, Central Bank and other agencies to be submitted to the office of the chief prosecutor. The notice did not specify what, if any evidence, the commission had found. In April, Argentina's Congress set up a parliamentary inquiry into the matter, and summoned the economy and justice ministers to testify, though both excused themselves. A judge tasked with investigating Milei's connection to $LIBRA in yet another probe ordered the Central Bank last week to provide information about banking operations by the president and his sister Karina Milei, who is also general secretary of the presidency.
Yahoo
09-04-2025
- Business
- Yahoo
Investigation Into Libra Meme Coin Scandal Gains Momentum in Argentina's Chamber of Deputies
Argentina's Chamber of Deputies has approved three draft resolutions aimed at investigating officials linked to the controversial Libra meme coin, which saw a dramatic collapse shortly after its launch. The resolutions involve forming a dedicated commission to scrutinize the circumstances surrounding the crypto and summoning key government figures, including the chief of staff, the economy minister, the justice minister, and the head of the National Securities Commission. This investigation follows President Javier Milei's endorsement of the Solana-based Libra token shortly after its launch on Feb. 14. Milei promoted the crypto on social media, suggesting it would support small businesses and stimulate the economy. Initially, Libra achieved a market cap exceeding $2 billion but subsequently plummeted, losing over 90% of its value. Following this decline, Milei retracted his support and claimed he lacked prior knowledge of the project's specifics. The push for inquiry has sparked political contention. Representative Pablo Juliano of the Democracia para Siempre block emphasized the necessity of accountability, saying in a translated statement, "It is time for Congress to audit whether there is harm to Argentina." Conversely, Representative Nicolás Mayoraz from the La Libertad Avanza party criticized the investigation as an unwarranted interference with the separation of powers. Further complicating the situation, Kelsier Ventures CEO Hayden Davis, who claimed to be an advisor to Milei regarding Libra, has faced legal challenges, including a request for an Interpol Red Notice. Reports suggest that Davis has been involved in other meme coin projects, raising questions about the volatility and regulatory oversight of such cryptocurrencies in Argentina.
Yahoo
09-04-2025
- Business
- Yahoo
Argentina's Congress Launches Probe Into LIBRA Fiasco
Argentina's lower house of Congress has approved a series of measures aimed at probing the LIBRA cryptocurrency that rocked the country after being promoted by President Javier Milei earlier this year. In a special session called by the 'Democracy Forever' bloc, deputies passed three resolutions: the formation of an investigative commission, the summons of top government officials, and a formal request for information from the executive branch. Among those summoned are Chief of Cabinet Guillermo Francos, Economy Minister Luis Caputo, Justice Minister Mariano Cúneo Libarona and the head of the National Securities Commission, Roberto Silva, according to the official release from the Chamber of Deputies in Argentina. The resolutions passed with a comfortable majority but faced strong opposition, revealing a split across party lines. 'The time has come for Congress to audit whether there is any harm to Argentina: we have a commitment to the truth,' said Deputy Pablo Juliano, one of the initiative's backers. Others, like Deputy Nicolás Mayoraz of the ruling La Libertad Avanza (LLA), pushed back, accusing lawmakers of assuming 'powers that belong solely to the Judiciary' and politicizing the issue. From the Civic Coalition, Deputy Maximiliano Ferraro said that society 'has the right to know the truth' and that Congress' duty was to 'demand and investigate it.' Ruling party bloc leader Gabriel Bornoroni, at the close of the debate, suggested opposition lawmakers were 'putting on a show.' 'I think it bothers them that we had a fiscal surplus throughout 2024 and that we'll have one this year too — and that inflation continues to fall every month,' Bornoroni said. The LIBRA memecoin fiasco, research shows, destroyed over $250 million in investor wealth. The token's price surged shortly after being launched in early February after Milei promoted the project on X, saying it would 'focus on encouraging the growth of the Argentine economy, funding small businesses, and Argentine ventures." Milei's promotion saw various crypto addresses move in, allowing insiders to offload massive amounts of tokens on these investors to the point the token's market capitalization then endured a 90% drop. Disclaimer: Information gathered for this article was translated with the use of artificial intelligence.
Saudi Gazette
17-02-2025
- Business
- Saudi Gazette
Argentina's President Milei faces impeachment calls after promoting cryptocurrency
BUENOS AIRES — Argentine President Javier Milei is facing calls for impeachment after promoting a little-known cryptocurrency, whose price soared then collapsed after his endorsement, leading to losses for thousands of news has caused a major scandal in Argentina, with the opposition accusing Milei of promoting a scam, an allegation that the presidency has started with a tweet posted by the president to his X account, which has more than 3.8 million followers. 'This private project will be dedicated to encouraging the growth of the Argentine economy,' he wrote, with a link to the $LIBRA cryptocurrency later, Milei deleted the message and, in another post, said he had no ties to the initiative. 'I was not aware of the details of the project and after having become aware of it I decided not to continue spreading it,' he response to a CNN inquiry, Milei's team described the incident as a mistake. CNN has reached out to the National Securities Commission, the governing body of the capital market in Argentina, to determine if it will take presidency on Saturday announced an investigation into the matter, saying: 'President Javier Milei has decided to immediately involve the Anti-Corruption Office to determine whether there was improper conduct on the part of any member of the national government, including the president himself.'At the time of its launch, most of the cryptocurrency was held in a few digital wallets, and its price was almost zero. After the president's post, its price increased rapidly to almost $5, but in less than three hours it plummeted to cents, according to trading application Sabbatella, an expert on crypto security issues, told CNN that Milei shared a 'smart contract,' a kind of interbank code, of the Solana blockchain platform, which had became fashionable in recent months among investors who bet on highly volatile assets.'The first thing I saw was that the website had been registered yesterday (Friday); (which) is typical of a scam,' said Sabbatella. He also indicated that the token was created minutes before Milei published the message.'The whales (large holders of the asset) bought at practically nothing. Then the price flies and when it is up, they sell. It is known as pump and dump; that mechanic happened,' said noted that he saw accounts that bought at very low levels earning more than $4 million in two hours, and one that earned up to $87 million with the political opposition criticized the president, with the Union for the Homeland coalition announcing Saturday it would move forward with a request for impeachment against has reached out to the presidency for close to Milei rejected the possibility of an impeachment, with Congressman Diego Santilli calling such calls an attempt to 'overthrow' the president. Security Minister Patricia Bullrich defended Milei, telling Radio Rivadavia: 'The president has the freedom of expression to raise the issues he wants.' She also compared his message on X with a presidential visit to a factory, saying that 'it does not imply that he is creating a lobby for that place.' — CNN
