The Waters Are Not Calming Down on the Argentine Meme Coin on Solana: They Are On The Offensive For The Scandal! - Coin Newsletter

The Argentine Chamber of Deputies approved the establishment of a special commission to investigate the Libra memecoin scandal involving President Javier Milei.

In Argentina, the political waters have heated up again with the Libra memecoin scandal named after President Javier Milei. On April 9, the Argentine Chamber of Deputies voted 128 votes to create a special investigative committee to investigate high-ranking officials linked to the Libra scandal.

The scandal that erupted in February began when President Milei introduced the Libra Solana-based memecoin project via social media. Milei claimed in his post that Libra would benefit the Argentine economy by supporting small businesses and startups. However, shortly after the token was launched, it caused significant losses for investors, losing more than 90% of its market value, which had exceeded 2 billion dollars.

The secret connection between Milei and Libra

After the scandal broke, Milei retracted his messages of support, claiming that he had no prior connection to the project. However, Hayden Davis, CEO of Kelsier Ventures, which is developing the Libra project, revealed that Milei is his advisor on the project and works closely with the president’s team. Davis also admitted that they used the “sniping” method, which aims to buy and sell the Libra token quickly when its price was low at the initial launch.

After the incident, Argentine prosecutors requested a red notice from Interpol for Davis. However, it turned out that Davis continued to be active in other new memecoin projects as well. This situation further fueled political debates in Argentina, opening the door to a serious investigation that threatens Milei’s political future.