Argentina's Chamber of Deputies has officially launched a probe to help Argentinian President, Javier Milei find his next scapegoat.

While President Javier Milei has been regarded as the main solicitor of the fraudulent rug pull project Libra, but the President till now has stood his ground to deny any involvement to the crypto project.

Now, Argentina's Chamber of Deputies has officially launched an investigation into the memecoin scandal, summoning high executives including the country's chief of staff, minister of economy, minister of justice and head of the national securities Commission to testify.

But one name is missing, and that is President Javier Milei; making many wonder if this whole investigation was just a ploy by the Argentian president to find a scapegoat which he can pin all the blame on?

The vote to launch the investigation was a already a hard decision, with some supporting the idea while others vehemently objecting it. Pablo Juliano, a representative of the Democracia para Siempre block in the Chamber of deputies supported the idea, saying

"It is time for congress to audit whether there is harm to Argentina; we have a commitment to the truth."

But Representative Nicolas Mayoraz of the La Libertad Avanza party disagrees with Juliano's sentiments, calling the investigation an interference.

The President's endorsement

It seems ironic that representative Juliano had said that "there is a a need to commit to the truth", when the person who was responsible for endorsing the rug pull was not named nor called to be accountable for his action.

The Libra token was launched on February 14 by Delaware-based Kelsier Ventures. Hours after its debut, President Milei endorsed the project on social media platform X, claiming it would support small businesses and startups in Argentina. His post included links to the token’s website and contract address on Solana.

Many unsuspecting investors followed the president's endorsement, and really invested their money into the fraudulent memecoin. This wave of supporters caused the Libra's market cap to skyrocket to over $2 billion.

But their happiness was shortlived, as the memecoin crashed by more than 90% shortly after. Following the collapse, Milei withdrew his support, claiming he had no prior knowledge of the project’s details.

But the team behind the Libra project gave a different account, stating that the President had initially met up with the team to express his whole-hearted support for the project. But after the crash of the project, the President deleted all the evidence of his involvement and distanced himself away from the project.

Needless to say, the president's mistake caused a huge upheaval among disgruntled investors who had lost their life savings from the project. President Javier's political opponents also seized this opportunity to call for his impeachment and accused him of being in cahoots with the fraudulent project to commit fraud.

The whistleblower who confirmed President Milei's involvement

Hayden Davis, CEO of Kelsier Ventures, later stepped forward to expose Milei and admitted that he had worked as an advisor to the President regarding his involvement to Libra.

In an interview with YouTuber Coffeezilla, Davis also admitted that Libra’s team had "sniped" tokens at launch—a controversial trading strategy designed to profit from early price surges. Davis also disclosed that this was not his first time doing something like this, as he was also previously doing the same for other projects such as the Melania token, a project named after the U.S First Lady Melania Trump.

Davis now faces legal challenges, including a request from an Argentine prosecutor for Interpol to issue a Red Notice against him. Reports suggest he has continued launching memecoins despite ongoing investigations.

The Libra scandal has not only damaged Milei’s credibility but also raised questions about regulatory oversight in Argentina’s crypto sector. While some lawmakers see the investigation as essential for accountability, others view it as politically motivated.

The controversy underscores the risks associated with high-profile endorsements in volatile cryptocurrency markets and highlights the need for stricter safeguards against fraudulent schemes.