Argentina’s LIBRA Scandal Returns to Haunt Milei Ahead of Vote

The investigation, originally formed in April but sidelined after Milei dissolved its task force in May, was reactivated on August 28 following the leak of explosive recordings. The tapes, linked to former presidential lawyer Diego Spagnuolo, referenced cash-for-favors dealings and included Milei’s sister Karina. Spagnuolo later confirmed their authenticity, giving the opposition new ammunition.

The scandal quickly spilled into the streets. At a recent public appearance, protesters pelted Milei with lettuce and trash — a symbolic display of public frustration with corruption and economic hardship.

LIBRA Scandal Back in Spotlight

At the center of the revived probe are accusations that high-ranking officials, potentially including the president, benefited from insider trading and a pump-and-dump scheme tied to the LIBRA token. Legislator Maximiliano Ferraro, now heading the investigative commission, said the case must move forward to determine whether misconduct occurred.

Five opposition blocs, together holding more than half of Argentina’s lower chamber, voted to push the investigation ahead despite resistance from Milei’s allies. The commission is expected to deliver its report by November 10 — after voters head to the polls in October.

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Political Stakes Intensify

The timing is perilous for Milei. Already facing surging inflation and social unrest, he now confronts renewed allegations of corruption that could undercut his reelection bid. Analysts warn the combination of economic pain, public anger, and revived scandals could be decisive in October’s vote.

While the LIBRA affair unsettles Argentina’s crypto industry, it is the broader charges of bribery and abuse of power that have captured public attention. Whether the inquiry produces evidence of wrongdoing or simply stokes political theater, the damage to Milei’s image may already be done.

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