Argentina’s investigation into the LIBRA token is increasingly focused on identifying the people behind exchange accounts used to move project-linked funds. Federal Judge Marcelo Martínez de Giorgi ordered the freezing of 25 crypto accounts and directed six international exchanges to disclose their holders’ identities and complete transaction histories, according to clarin. The measure followed a technical report from the Argentine Federal Police Cybercrime Department and was requested by prosecutor Eduardo Taiano.
The order does not establish how much money has actually been immobilized. A successful freeze depends on whether the targeted funds remain inside accounts controlled by the exchanges.
Police Trace USDT Across Solana and Tron
Investigators reportedly used backward tracing and open-source intelligence to reconstruct transfers from wallets associated with the LIBRA fund network. The targeted accounts were distributed across Binance, Bybit, OKX, CoinEx, FixedFloat and Bitfinex.
The police report identified several key data points:
- 25 crypto accounts covered by the freeze order
- Six exchanges instructed to identify their customers
- 498,539.85 USDT transferred to Tron on May 10
- The cross-chain transfer was completed in about 16 seconds
- 17 Solana-to-Tron transfers were identified in the wider trail
The May transaction reportedly began with USDC on Solana before an interoperability protocol delivered the equivalent value in USDT to Tron. Investigators said the Tron funds were later fragmented among multiple wallets, a pattern they are examining as an attempt to make the trail harder to follow.
Martínez de Giorgi also requested KYC files, IP connection records, linked bank-account information and complete transaction histories. These records could help investigators connect blockchain addresses to identifiable exchange customers. The exchanges’ inclusion in the investigation does not imply wrongdoing by the platforms. They are primarily being treated as potential sources of identity and transaction evidence.
Court Order Does Not Guarantee Asset Recovery
A centralized exchange can restrict cryptocurrency that remains inside a customer account after receiving a valid legal request. A self-custody wallet, however, cannot usually be frozen without access to its private keys. Exchanges may therefore be able to identify users and provide historical records even when the related assets have already been withdrawn. The amount successfully secured under the latest order has not been publicly established.
The distinction matters because the wider LIBRA case includes several different financial figures. The 498,539.85 USDT transfer represents one part of the investigated trail and should not be treated automatically as the amount recovered by Argentine authorities.
Official Records Show Wider LIBRA Impact
LIBRA came under scrutiny after President Javier Milei promoted the token on February 14, 2025, before its price rapidly climbed and collapsed. Argentina’s presidential office later confirmed that Milei had met KIP Protocol representatives and Mauricio Novelli on October 19, 2024. It also confirmed that he met Hayden Davis at Casa Rosada on January 30, 2025, shortly before the token’s launch. The government said Davis had been introduced as a provider of technical infrastructure for the project.
A subsequent Argentine congressional investigation cited technical analysis showing:
- 143,142 wallets traded LIBRA
- 114,410 wallets recorded losses
- Nearly 79.93% of participating wallets lost money
- 498 wallets lost more than $100,000 each
- 36 wallets earned more than $1 million each
The figures were submitted to the congressional commission by analyst Fernando Molina and represent wallet activity rather than a count of verified individual investors. The same congressional report said Ripio identified 1,358 Argentina-based users who traded LIBRA through its platform, including 1,329 Argentine nationals. That figure covers only Ripio customers and excludes people who accessed the token through other exchanges or self-custody wallets.
The latest exchange-focused order may give investigators a clearer view of who controlled parts of the LIBRA fund network. Whether it produces meaningful asset recovery will depend on where the cryptocurrency is currently held and how the exchanges respond.
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