On Tuesday, the Chamber of the Argentina Congress voted on Tuesday to launch an investigation into senior officials linked to the controversial balance token, which collapsed shortly after President Javier Milei promoted it on social networks earlier this year.
The legislators approved the request with 128 votes in favor, 93 against and seven abstentions. The commission, which has failed to gain ground in the previously, will examine the potential misconduct surrounding the launch of the token and the subsequent crash.
“It is our duty to demand political explanations; to comply with democratic rules so that they can survive and build a network of trust,” said representative Oscar Agost Carreño during the debate.
DIPUTADOS | Votación por blocks comisión investigadora del criptogate $ Libra pic.twitter.com/ab36mbu04t
– Argentina Elect 2025
DIPUTADOS | Votación por blocks comisión investigadora del criptogate 
(@Arreccions) The inner circle of Milei faces a meticulous examination on the collapse of the scale tokens
The Committee will convene the main personalities of the Milei administration, notably the Minister of the Economy Luis Caputo, the Minister of Justice Mariano Cúneo Lebarona, the chief of staff Guillermo Français and Roberto Silva, head of the National Commission for Securities. The Commission will also request the documentation of the relevant ministries to support its investigation.
The decision follows weeks of political benefits of a February post published by President Milei on his official account X. In the message, Milei described the $ balanced token as “a private project dedicated to encouraging the growth of the Argentine economy by funding small businesses and startups” and included a link to his intelligent contract.
The token, built on Solana’s blockchain, increased in value a few moments after the position, jumping to more than $ 5 and reaching a market capitalization of more than $ 4.5 billion US dollars. But in a few hours, the price collapsed by more than 90% after the initiates have sold their assets, triggering losses of estimated investors up to $ 250 million.
The ‘cryptogate’ benefits stimulate legal and political pressure in Argentina
Milei then deleted the position and said that he had only shared the information, and not approved the project. His administration referred the case to the anti-corruption office for examination. Critics, however, accused him of promoting what they described as a scam. The incident was nicknamed “cryptogate” by opposition personalities, including former president Cristina Kirchner.
More than 100 criminal complaints have been filed, alleging fraud, market manipulation and public confidence violations.
The survey of the newly approved congress adds additional pressure on the Milei government to clarify its involvement in promoting the token and the events that followed.
The case has raised wider questions about the risks of political figures engaging with unregulated digital assets in Argentina, a country already struggling with high inflation and economic instability.
The post of Argentinian legislators approves the investigation into managers linked to the balance token scandal appeared first on Cryptonews.
