Javier Milei-Adjacent Meme Coin No Longer Being Investigated: What Happened?

The Argentine government has officially disbanded the Unidad de Tareas de Investigación (UTI), a special unit formed to examine President Javier Milei's alleged connections to the controversial LIBRA meme coin.

What Happened: The move comes after the unit concluded its inquiry and submitted its findings to the public prosecutor's office, according to a decree published on Monday and signed by both President Milei and Justice Minister Mariano Cúneo Libarona.

The UTI's probe received technical support from several state bodies, including Argentina's central bank and its anti-corruption office.

Its dissolution signals the end of the executive branch's internal investigation into the LIBRA affair, which stirred public and market controversy earlier this year.

The controversy first gained momentum in February when President Milei tweeted about LIBRA, a meme cryptocurrency launched on the Solana blockchain.

Following his post, LIBRA’s market capitalization surged dramatically, briefly reaching $4.5 billion before plummeting by over 80% within hours.

The token's volatility drew increased scrutiny, especially after LIBRA's co-creator, Hayden Davies, publicly claimed he had influence over President Milei due to alleged payments made to Milei's sister, Karina Milei.

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Karina, a high-profile member of the president's inner circle and key political advisor, has played a prominent role in shaping the administration’s communications and public image.

Why It Matters: LIBRA is a meme coin built on the Solana SOL/USD blockchain, launched with characteristics typical of meme-based digital assets community-driven hype, celebrity endorsements, and speculative trading dynamics.

Unlike Bitcoin or Ethereum, meme coins such as LIBRA usually lack intrinsic technical innovation or economic utility.

Their value is often derived from social media momentum and endorsements rather than foundational use cases.

Following President Milei's tweet, LIBRA became one of the fastest-rising tokens by market cap, however, its rapid collapse raised concerns about potential manipulation and insider activity.

Davies' remarks alleging monetary ties to the Milei family further fueled suspicions of impropriety and prompted formal investigations.

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