Quick Summary
The bank records of President Javier Milei and his sister Karina have been ordered to be unsealed by Federal Judge Maria Servini.
The investigation is conducted after the collapse of the LIBRA cryptocurrency, promoted by Milei in February.
The value of the coin crashed and investors lost a whopping amount of an estimated 4.5 million dollars.
Major personalities such as businessperson Mauricio Novelli have been investigated.
It is recorded on security surveillance cameras that the family of Novelli opens safe deposit boxes several days after LIBRA is promoted.
Milei and Karina missed out a mediation hearing, which is a legal issue.
A Presidential Promotion Became Sour
Political and financial spheres of Argentina are experiencing turmoil due to the LIBRA cryptocurrency scandal. Everything started in February 2025, when President Javier Milei tweeted his official X (previously Twitter) account about LIBRA, explaining that this was a project to help Argentina on an economic level by financing small businesses. The post caused an explosion of the LIBRA value, but that was only temporary.
Value of token plummeted and investors, including locals and foreigners, sustained millions worth of losses. The implosion has led to a burgeoning legal and political enquiry.
Judge Discloses the Bank Records of Milei
In what has been a key step-up, Judge Maria Servini has instructed the Central Bank to lift bank secrecy of the accounts of Milei and sister Karina, accessible to investigators going into next year. The decision comes after the accusations on monetary misuse may be associated with the LIBRA promotion.
Lost Hearings, Asset Freezes and Increasing Legal Stresses
Making the decision even more controversial, both Milei and Karina did not appear at a mediation hearing, included in a civil lawsuit where damages are claimed over the crypto losses. They are absent they have not sent legal representatives and it has raised brows and given even greater chances of other legal actions.
In the meantime, Judge Servini also had accounts belonging to other high profile big shots frozen as well which included:
- Possible promoter of LIBRA, Mauricio Novelli, is a businessman.
- Sergio Morales who used to be an advisor of the National Securities Commission.
CCTV Evidence Provides More Gasoline to the Fire
The case heated up even more since the security footage of the bank, where the family of Novelli entered safe deposit boxes on February 17, only a few days after Milei wrote his promotional tweet. It is in this regard that the prosecutors are seeking to get an investigation on whether these actions are linked to LIBRA scam funds
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What’s Next?
As the case of LIBRA crypto scandal in Argentina develops, investors demand compensation of over $4.5M and the political repercussions against President Milei are exacerbating. Financial records are being revealed and the legal pressure is growing, and the next few weeks may be a crucial moment in holding somebody accountable over one of the most high-profile cryptocurrency scandals the country has ever seen.