WuBlockchain
An Argentine federal judge has frozen 25 crypto accounts linked to the LIBRA investigation and ordered six major exchanges to identify the holders. Judge Marcelo Martínez de Giorgi directed Binance, Bybit, OKX, CoinEx, FixedFloat and Bitfinex to turn over customer KYC files, IP logs, linked bank accounts and complete transaction histories.
The freeze follows a federal police cybercrime report that traced funds from "Team Libra Wallets" across multiple blockchains and centralized exchanges, including transfers allegedly structured to complicate tracking. The case stems from President Javier Milei's February 2025 promotion of the LIBRA token on X, which triggered a brief rally before the price collapsed and left retail buyers with heavy losses.
Why it matters
The order pulls six of the largest centralized venues in the world into a politically charged case tied directly to a sitting head of state. Even a modest compliance burden on these venues raises the cost of doing business with Argentine users and adds friction to the on-ramps local retail has relied on. For exchanges, the signal is that Argentine law enforcement now has both the technical tracing capacity and judicial backing to demand full identity disclosure, not just blocklists.
Market impact
LIBRA itself remains a low-liquidity token with little residual price discovery, so the immediate price impact is muted. The longer read is on Argentina's broader crypto market: a confirmed path from a viral political endorsement to frozen accounts and named KYC handoffs sets a template other Latin American regulators can study. Watch for how quickly the six venues comply, and whether any of the identified wallets connect back to Milei's inner circle or official government channels.
Frequently asked questions
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Which exchanges did the Argentine judge order to hand over KYC data?
Judge Marcelo Martínez de Giorgi ordered Binance, Bybit, OKX, CoinEx, FixedFloat and Bitfinex to provide customer KYC files, IP logs, linked bank accounts and complete transaction histories for the 25 frozen accounts.
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What is the LIBRA token and why is it under investigation?
LIBRA is a memecoin that Argentine President Javier Milei promoted on X in February 2025, briefly rallying before collapsing and leaving retail buyers with heavy losses. The current judicial probe traces where the proceeds flowed.
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How did investigators trace the LIBRA-linked funds?
A federal police cybercrime unit reconstructed the fund flow from so-called "Team Libra Wallets" across multiple blockchains and centralized exchanges, flagging transfers allegedly structured to complicate tracking.
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What is the immediate market impact on the LIBRA token?
LIBRA has thin residual liquidity, so the freeze and KYC orders do not move its price meaningfully. The bigger impact is on Argentina's broader crypto market and on how international exchanges handle Argentine users.
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Could this ruling affect crypto users in Argentina beyond the LIBRA case?
Yes. A confirmed judicial path from a viral political endorsement to frozen accounts and full KYC disclosures sets a precedent other Latin American regulators can study, and it raises compliance costs for exchanges serving Argentine retail.
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