Argentine authorities pursue asset freezes in ongoing Libra memecoin debacle
Argentine authorities pursue asset freezes in ongoing Libra memecoin debacle Argentine authorities pursue asset freezes in ongoing Libra memecoin debacle
The LIBRA controversy ignites a nationwide political storm as questions arise about Milei's position and the token's rapid implosion.
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Argentine authorities are ramping up their probe into the crumple of LIBRA, a Solana-primarily based memecoin, with prosecutor Eduardo Taiano leading efforts to video display transactions and freeze linked sources.
In line with local reports, the investigation objectives to determine individuals who profited from the token’s upward thrust and topple and opt whether any illicit actions, corresponding to money laundering, occurred.
Taiano has requested global secure precise of entry to to transaction records, primarily focusing on Feb. 14 and 15, when LIBRA reached its height valuation of higher than $4 billion.
While the total shopping and selling volume is identified, the anonymity of blockchain transactions has saved the pockets householders’ identities concealed. On the opposite hand, the prosecutor has known some addresses and is pushing for asset freezes to prevent fund motion at some stage within the continuing investigation.
Meanwhile, the inquiry also extends to deleted social media posts, including a tweet from President Javier Milei that endorsed the venture. Taiano seeks phone records and customer logs from the president’s self-discipline to glance doable connections between officials and LIBRA’s backers.
The investigation also objectives to express whether government figures played a position in LIBRA’s promotion or crumple and whether these with privileged records misled investors.
LIBRA’s downfall
LIBRA received prominence closing month when President Milei publicly endorsed it, drawing attention to its key backers, including Hayden Davis’ Kelsier Ventures.
On the opposite hand, the venture swiftly unraveled amid allegations of insider shopping and selling and market manipulation. On-chain records means that insiders withdrew approximately $107 million before the token crashed.
Blockchain analytics company Nansen extra revealed that 86% of traders suffered collective losses of $251 million, while a smaller group secured $180 million in earnings.
Milei later deleted his social media put up, claiming he had no prior knowledge of LIBRA’s fundamental parts and sought to distance himself from the controversy. On the opposite hand, by that time, fundamental monetary distress had already been inflicted.
The opposition has condemned the scandal, branding it a national embarrassment and calling for Milei’s eliminating from office.
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's doable. He imparts insights on a unfold of topics like DeFi, hacks, mining and custom, underlining transformative energy.
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