According to Bloomberg, Argentina authorized President Javier Milei with any reprehensible act linked to his public promotion of the crypto token of the balance, according to Bloomberg.
The agency would have told the file that Javier had not violated any laws when he published on the balance on X in February, adding that the position had been made of personal title, did not imply federal resources and did not violate any public ethics codes. This decision officially ends the government's internal investigation, although a federal judicial case is still underway and has not yet been classified.
The scandal started when Javier shared a message on the scale just hours after meeting the founders of the token. His post has strengthened the visibility of the token instantly.
On the same day, the price of the balance increased and portfolios containing large amounts of the medal were thrown. The sudden accident has led to massive losses for retail investors.
Many have accused the government of supporting a pump and dump scam, pointing Javier directly and his inner circle. But Javier defended himself at the time, saying: “I was not trying to sell. I just wanted to promote a project that helps Argentine companies.”
The government stops the balanced inquiry unit after only 3 months
Balance's repercussions forced the Argentinian government to quickly train a special working group, called investigative Task Force (UTI), to examine the cryptographic drama.
The unit was created by presidential decree, with signatures from Javier and the Minister of Justice Mariano Cúneo Lebarona. His work was to determine if there were irregularities in the way the balance was promoted, which took advantage of it and if laws were raped.
The USA also had the power to request documents from public and international organizations, respond to requests from the courts and report any attempt to conceal evidence.
But three months after its creation, the UTI was dismantled. An official decree, signed again by Javier and Mariano, said that the unit “had fulfilled the functions assigned to it”, without any given explanation.
This decision closed the internal investigation of the executive management. The UTI has never published conclusions publicly before being closed. The decision was reached after the audience of the public exploded, in particular cryptographic investors who thought that the token had the government's support. Some had supposed that Balance was the new official crypto project of Argentina. Instead, they were left by holding bags of an unsanitary token.
The reports later revealed that only a few portfolios controlled most of the balance of the balance. These portfolios were emptied shortly after Javier's post, triggering the accident and locking the daily Argentines in losses.
Retail investors have flooded local complaint regulators. They demanded answers to find out if someone in government had prior knowledge and made money while the public was destroyed.
Balance controversy has also reached the Argentinian congress. In April, legislators trained a special investigation committee of 28 members to examine the case, but no official procedure began.
Although it was summoned to appear on May 14, neither Mariano Cúneo Lebarona nor the Minister of the Economy, Luis Caputo, did not arise. Their absence has aroused criticism of opposition politicians and certain investors who say that the government dodges responsibility.
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