Buenos Aires News – Argentine President Javier Mille has disbanded the task force responsible for investigating the Solana meme coin scandal related to him.
In February this year, Mille promoted a meme coin called $LIBRA on social media, claiming that it would be beneficial to Argentina. This token is based on the Solana blockchain. After its issuance, its price once soared and its market value exceeded 2 billion US dollars. However, it then plummeted, causing heavy losses to investors and triggering widespread controversy. Some analyses suggest that this might be a “carpet-pulling” scam, and the token developer could absences with the funds after attracting investment. Milai later claimed that she was not aware of the specific circumstances of the project, deleted the relevant posts, and decided not to promote it anymore.
Under political pressure, the Argentine government established a special task force to investigate this incident to determine whether there was any misconduct. However, on May 20 local time, documents published on the government website showed that Milai approved the dissolution of the working group. The document stated that the working group has completed the investigation, but no more details were disclosed to the public.
Previously, a court ordered the central bank to lift Miley’s bank secrecy privileges to allow federal prosecutors to review his financial records, and also ordered the freezing of the accounts of three accomplices associated with the president. Although Milai denies any wrongdoing, he is still facing civil and criminal charges for his role in promoting meme coins.
Some analysts believe that Milai’s dissolution of the working group at this time might be driven by political considerations. He currently enjoys a relatively high approval rating in the country. The measures he has promoted to lift currency control are progressing smoothly. The peso exchange rate is stable, and his party has just won the legislative election in the capital. James Bosworth, the founder of Hxagon, a risk analysis and consulting firm in Washington, D.C., said that for Milley, now is the best time to close the investigation to prevent adverse information before the midterm elections later this year.
Although the working group has been disbanded, the criminal investigation into this incident is still ongoing.
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