Argentine President Javier Milei has dissolved a task force established to investigate the fallout from LIBRA, the scandalous cryptocurrency project the head of state promoted on his social media channel before it crashed to zero. 

The Investigative Task Force (ITU) was dissolved via a May 19 decree signed by Milei and Justice Minister Mariano Cúneo Libarona, government documents revealed. 

“The Research Task Unit is dissolved” after completing its mandate, the translated version of the decree read.

The task force is being dissolved despite pressure from opposition groups, which are seeking to activate an investigative commission as soon as May 20, local media outlet Clarin reported. 

A screenshot of Milei’s tweet endorsing LIBRA. Source: TRM Labs

Government officials established the UTI on Feb. 19, mere days after President Milei promoted LIBRA on his official X account.

His endorsement briefly sent LIBRA soaring from practically worthless to $5 a token and a nearly $5 billion market capitalization, before quickly crashing to zero in what appeared to be a classic pump-and-dump scheme. 

The fallout from LIBRA sparked allegations of insider trading and manipulation, with President Milei caught in the crosshairs.

In addition to facing an investigation, Milei’s credibility suffered at home, with nearly 58% of Argentinians saying they no longer trust the president for his role in the scandal.

This is a developing story, and further information will be added as it becomes available.