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The sudden price surge and subsequent collapse of the cryptocurrency project LIBRA, shared on social media by Argentine President Javier Milei, prompted the local council to initiate an investigation. Following Milei’s post on February 14, the project experienced an unprecedented spike in value, which was quickly followed by a significant decline. This event led to financial losses for hundreds of thousands of investors.
Summary of the LIBRA Incident
The abrupt price fluctuations resulted in a dramatic collapse of the LIBRA memecoin. In a short time, the project’s value plummeted, causing approximately 75,000 investors to incur a total loss of 280 million dollars. The situation, which arose just hours after Milei’s announcement, brought investor security into question.
The LIBRA Investigation
Argentine lawmakers have taken up three proposed bills aimed at launching a comprehensive investigation into the incident. The first proposal called for the establishment of a commission to carry out the inquiry, which received 128 votes in favor, 93 against, and 7 abstentions. This action reflects a desire for swift movement regarding the event.
The second proposal seeks to question several officials linked to the executive branch. Statements from notable figures such as Vice President Guillermo Francos, Minister of Economy Luis Caputo, Minister of Justice Mariano Cúneo Libarona, and President of the National Securities Commission Roberto Silva will be collected to clarify the situation. This proposal aims to provide answers to the emerging public concerns.
The third proposal demands the submission of detailed reports concerning the LIBRA project at the national level. This proposal was accepted with 135 votes in favor, 84 against, and 7 abstentions. Authorities aim to gain clear insights into how the project was managed and who can be held accountable through the reports obtained.
The incident has raised serious doubts about investor confidence in the cryptocurrency market, leading to a re-evaluation of market dynamics and risks. As the investigation progresses, relevant authorities are expected to provide more details to the public.
The decisions made in the legislative assembly emphasize transparency and accountability principles to prevent similar situations in the future. Investors are being warned to remain cautious and to consider market risks.
In the coming period, official statements and investigation results could provide critical information regarding the overall dynamics of the cryptocurrency market. Authorities believe that the measures taken upon completion of the process will positively impact investors and the market structure.
