U.S. Department of Justice (DOJ) has reportedly begun efforts to investigate President Javier Milei

The inquiry seeks to determine their roles in the scheme and assess potential fraudulent activity.

The U.S. Department of Justice (DOJ) has reportedly begun investigating President Javier Milei in connection with the LIBRA token, which is being investigated for potential fraud.

According to reports by the Argentine newspaper La Nación, the DOJ is looking into the alleged role of the founders of the token and two Argentine entrepreneurs in the creation of the project.

The investigation aims to determine the roles of President Milei and the founders of LIBRA in the alleged fraudulent activity and potential criminal offenses related to the token, which is said to have deceived thousands of Argentines.

The Fraud Section of the DOJ’s Criminal Division, which handles cases of complex financial crimes and corporate corruption involving U.S. entities, is leading the probe and has begun collecting and analyzing initial data.

The DOJ’s investigation arose after receiving at least one criminal operations report concerning the LIBRA meme coin, which is being valued at between $87 million and $107 million.

The report, prepared by a team of researchers and lawyers, documented the involvement of President Milei in the launch and subsequent collapse of LIBRA, noting that he made two posts on X promoting the project.

It also identified Hayden Mark Davis of the United States, Julian Peh of Singapore, and Argentine entrepreneurs Mauricio Novelli and Manuel Terrones Godoy as key figures linked to the scheme.

Furthermore, the investigation could expand to involve multiple U.S. government agencies, including the Department of Homeland Security (DHS), the Securities and Exchange Commission (SEC), and the Federal Bureau of Investigation (FBI), which is reportedly already looking into the matter. The probe has also recorded ‘repentants’ and defendants who have chosen to plead guilty.

Meanwhile, Argentine authorities are investigating President Milei and his ties to the founders of the LIBRA token, exploring potential charges of abuse of authority, influence peddling, and fraud.

The investigation follows reports that Davis allegedly communicated with Karina Milei, the president’s sister, and claimed that financial contributions gave him leverage over President Milei’s decisions.

Following the collapse, President Milei initiated an internal investigation while distancing himself from the project. He denied any involvement in its operations and stated that he did not endorse the token but merely shared information about it. Milei also downplayed investor losses, asserting that most participants understood the risks of the trade, referring to them as “volatility operators.”

On February 14, President Milei used X to promote the Solana-based LIBRA token, sharing both a website and contract address in a now-deleted post. He described LIBRA as a “private project” aimed at stimulating Argentina’s economic growth.