The US Department of Justice has stepped into the role of detective! The department's fraud division is investigating the shocking collapse of the Libra meme coin. There is a possibility that the investigation will be successful. This division is particularly focused on uncovering complex economic crimes involving US organizations abroad.
Analysts believe that the US Department of Homeland Security, the Federal Bureau of Investigation, and the US Securities and Exchange Commission may also get involved in the investigation. In addition, Argentine authorities are now investigating President Javier Milei's ties to the founders of the Libra project. These agencies must determine whether the president might have abused his power for financial gain.
In the Libra cryptocurrency project, where investors lost between $87 million and $107 million, major players might have been involved, including Hayden Adams, CEO of Kelsier Ventures, who made $100 million in profit. Ben Chow, co-founder of the Meteora decentralized liquidity protocol, is also accused of insider trading and managing the failed project. He has since stepped down from his position.
Earlier, Javier Milei posted a statement on social media platform X about a "private project" aimed at developing Argentina's economy and financing small businesses and startups in the country. Shortly after, the Libra meme coin collapsed. As a result, many investors suffered significant financial losses. The Argentine leader denied any connection to the project, stating that cryptocurrency traders should have been aware of the risks of investing in volatile assets.
According to Milei, around 5,000 users were involved in the Libra crypto project, and those who suffered from the token's crash may have been bots.
