Argentine President Javier Milei has dissolved the special investigative unit he established to probe his own involvement in the controversial '$LIBRA' cryptocurrency promotion.

The decision, formalised through Decree 332/2025 published in the Official Gazette on May 20 and co-signed by Justice Minister Mariano Cúneo Libarona, claimed the unit had fulfilled its "assigned task" by forwarding gathered information to the Public Prosecutor's Office.

"The Government considers that the information gathered has been forwarded to the Public Prosecutor's Office and that the Unit has fulfilled the task assigned under Decree No. 114/25," the official document stated.

The Investigative Task Unit (UTI) was created on February 19, just five days after the contentious launch of the $LIBRA meme coin, which moved more than $4.5bn before its value collapsed, AFP reported. According to Perfil, investors may have lost at least $250mn in what many have considered a scam.

In an apparent market reaction to the news, the $LIBRA token surged over 80% following Milei's decision to disband the investigative task force, according to cryptocurrency news outlet Coinotag.

This abrupt termination of the investigation raises questions about transparency and accountability in the libertarian president's cabinet, particularly given his personal connection to the $LIBRA scandal. Soon after the cryptocurrency crashed, Milei faced impeachment calls, given his decision to openly promote the memecoin on social media.

With public protests underway against the Argentine government on numerous fronts, fuelled by unpopular cost-cutting measures, the dissolution of a probe into potential wrongdoing involving the president himself may further erode public trust in Milei's administration – something he will want to avoid in the build-up to the Argentine midterm elections.