Key dealers
- President Milei dissolved the Investigation Detection Unit that examined the $ Vibra token.
- Uti collected information from various government bodies and has fulfilled their intended purpose.
Argentine President Javier Milei has officially dissolved the Investigation Data Unit (UTI), the special body which has the task of examining the controversial $ Libra token, which has been submitted in a political and economic scandal involving insider trading, illegal collection and suspected bands to public officials.
The decision, formalized by decree 332/2025, was published on May 19 in the country’s gazette.
The decree quotes that the unit had completed its assigned task to gather information and forward it to the Prosecutor’s Office. UTI had coordinated with various government agencies, including the anti -corruption office, the central bank, the financial information unit and the National Securities Commission.
However, no official results or reports from UTI have been released in public.
Uti was created on February 19, days after Milei publicly approved the wave project at X, which immediately triggered a rapid increase in the token’s price. Later he distanced himself from the project, claim He had only shared information, not promoted it.
Token fell from a top valuation of $ 4.5 billion after President Milei’s withdrawal of support. According to geckoterminalThe wave now trading at about $ 0.06, which represents a 98% decrease from its high.
The team behind the wave, including Hayden Davis, sold allegedly large parts of their holdings, which caused the token’s award to crash. The collapse resulted in estimated losses of $ 250 million for about 74,000 investors.
The scandal led to political controversy, call to impeachment against milei and Investigations on possible misunderstandingIncluding links to the KIP protocol associated with the project.
Ongoing legal investigations
Milei can conclude an investigation, but not the investigators.
Over 100 criminal complaints claiming fraud and misleading promotion have been submitted against President Javier Milei in connection with the wave.
In response, the Argentine Congress established an investigation commission and called government officials to testify under oath.
At international level, several law firms have proposed moods on class measures on behalf of foreign investors, accused Milei of negligence and misleading marketing that is alleged to have caused serious financial losses.
According to a new one Report From the local news outlet Página/12 ordered Judge María Romilda Servini, who was appointed to lead the judicial investigation after a wave of charges of fraud, serving the Central Bank of Argentina to reveal bank register belonging to both President Milei and his sister, Karina Milei, who serves the secretary secretary for the chairman.
Coindesk reported in February that internal messages were reviewed before the token’s collapse suggested that Davis allegedly exert influence over President Milei through makes impeccable payments to their sister.
