US authorities have begun probing the alleged digital scam surrounding $LIBRA, a fraudulent cryptocurrency scheme initially backed by Argentine President Javier Milei that reportedly generated illicit gains of between $80mn and $100mn. 

The Department of Justice and the FBI have received at least one formal criminal complaint against those allegedly involved in the scam, a case that has now reached international dimensions, La Nación reported.

According to the complaint, the scheme implicated multiple individuals, including Milei, US national Hayden Mark Davis, Singaporean entrepreneur Julian Peh, and Argentine businessmen Mauricio Novelli and Manuel Terrones Godoy, who have Spanish origins. 

The legal action was initiated by Argentine law firm Moyano & Asociados, which specialises in international insolvency and financial fraud cases. 

The firm has also alerted the US Securities and Exchange Commission (SEC) to what it describes as fraudulent financial manoeuvres.

Moyano & Asociados has a history of collaboration with US authorities, including the FBI and Immigration and Customs Enforcement (ICE).

The firm stated that while it primarily represents Argentine investors, it is aware of “thousands” of other victims, including American citizens. 

Lawyer Mariano Moyano Rodríguez, who previously pursued legal action against the Peirano banking family in US courts and currently represents 2,500 victims of a separate cryptocurrency fraud, OmegaPro, has provided substantial information reinforcing US jurisdiction over the matter.

As the case unfolds, the investigation in Argentina has been assigned to Federal Judge María Servini. 

Meanwhile, the first US-based criminal complaint names Davis, Peh, Novelli, and Terrones Godoy as primary suspects, but also raises questions about the role of Argentina’s presidential office.

Moyano Rodríguez has formally requested that the US Department of Justice investigate Milei’s involvement, alleging that the Argentine President promoted $LIBRA and has a history of endorsing other ventures that turned out to be fraudulent.

At home, Milei faces potential impeachment after publicly endorsing the memecoin that collapsed within hours, erasing billions in value. The libertarian leader promoted "$LIBRA" on social media on February 14, helping drive its market capitalisation to $4.6bn before it crashed to near zero. Crypto intelligence firms identified suspicious transactions suggesting a "rug pull" scheme, with insider wallets potentially extracting more than $107mn in liquidity.

While Milei later deleted his endorsement and claimed ignorance of the project's details, the incident has prompted an Anti-Corruption Office investigation and renewed scrutiny of his past connections to crypto ventures, threatening to undermine his administration's efforts to attract foreign investment and stabilise Argentina's battered economy.