Argentina’s opposition parties have revived a stalled investigation into President Javier Milei’s role in the LIBRA scandal, seizing on new corruption allegations that have rattled the government just weeks before October’s elections.

The commission, first created in April but largely paralyzed by bureaucratic and congressional hurdles, was reactivated on Aug. 28 after leaked recordings implicated Milei and his sister Karina in a separate bribery scheme.

The tapes, belonging to former presidential attorney and government official Diego Spagnuolo, contained claims of cash-for-favors dealings. Spagnuolo later admitted the recordings were authentic.

Public backlash fuels probe

The scandal has triggered a wave of public anger. On Wednesday, protesters hurled lettuce and rubbish at Milei during a public appearance, an act that drew headlines across the country.

While no injuries were reported, the incident highlights mounting unrest against the president’s administration. The fresh controversy has given the LIBRA probe new momentum. It had lost traction after Milei dissolved its initial task force in May.

The LIBRA affair centers on allegations of insider trading and a pump-and-dump scheme tied to the digital token, a case prosecutors say may have involved Argentina’s highest levels of power.

Maximiliano Ferraro, a legislator from the Civic Coalition ARI and head of the new investigative body, said the commission intends to establish whether misconduct occurred. Ferraro said the investigation was reignited because questions remain over whether insider trading took place.

Political stakes ahead of elections

Five opposition parties, representing 136 of the Chamber of Deputies’ 257 lawmakers, voted to reopen the case despite pushback from Milei’s allies.

The commission set a reporting deadline of Nov. 10, weeks after Argentines head to the polls.

The inquiry adds to the mounting challenges facing Milei as he navigates a presidency already strained by economic turmoil and growing discontent. The combination of corruption scandals and revived investigations could weigh heavily on his political future.

While the LIBRA scandal has shaken Argentina’s crypto community, the broader allegations of bribery and abuse of power have struck a deeper chord with the public. With elections looming, the outcome of the investigation, and its political fallout, remains uncertain.

Mentioned in this article

Ethereum’s rally this month has been sharp, but traders are being warned to watch September closely.

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Ether climbed about 20% since the start of August, trading at $4,745 at the time of publication. Prices even pierced $4,860 after dovish remarks from US Federal Reserve Chair Jerome Powell at the Jackson Hole symposium, a move that many in crypto see as a possible spark for more gains.

Historic September Pullbacks

According to CoinGlass, history offers a cautionary note: there have been only three cases since 2016 where Ether rose in August and then slid in September.

In 2017, Ether jumped 92% in August and then dropped 20% the following month. In 2020, August gains of 25% were followed by a 17% pullback in September.

And in 2021, a 35% climb in August gave way to a 12% slip in September. CryptoGoos, a trader on X, summed it up bluntly: seasonality in September during post-halving years tends to be negative.

$ETH seasonality in September during post-halving years is typically negative.

Will this time be different? pic.twitter.com/h9hJ40V3np

— CryptoGoos (@crypto_goos) August 22, 2025

That pattern does not mean a repeat is guaranteed. Reports have disclosed that both market structure and investor profiles are different now than in those earlier years.

In 2016 and 2020, short-term losses in September were followed by multi-month recoveries, with Ether posting upside in the final three months of those years. So while history matters, it does not decide outcomes on its own.

New Money, New Dynamics

Flows into spot Ether ETFs this month have been large enough to grab attention. Based on reports from Farside, spot Ether ETFs saw roughly $2.70 billion net inflows in August, while spot Bitcoin ETFs experienced about $1.2 billion in net outflows over the same period.

At the same time, companies that hold crypto on their balance sheets now control a sizable chunk of Ether. Reports show total Ether held by treasury companies topped $13 billion in value on Aug. 11.

Arkham reported that BitMine chairman Tom Lee bought another $45 million of Ether, lifting BitMine’s stack to $7 billion.

Those numbers change the math. Big institutional stacks and ETF demand can make sharp, short-term moves more persistent than in prior cycles.

Capital appears to be rotating; Bitcoin dominance has fallen 5% over the past 30 days to 55%, which market participants mostly attribute to funds moving into assets beyond Bitcoin.

Related Reading

What Traders Might Do Next

Traders and portfolio managers will likely keep an eye on macro signals and flow data. A softer interest rate outlook from Powell is a bullish factor for risk assets, but seasonality and previous post-August declines are reasons to stay cautious.

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Elon Musk has stirred up Washington by announcing that his yet‑to‑be‑registered “The American Party” will back Bitcoin. His move comes as he takes aim at what he calls wasteful government spending and vows to shake up the status quo.

Musk’s short statement—that “fiat is hopeless”—has already sent ripples through both political and crypto circles.

Musk Launches Political Bid

According to Musk’s recent tweet, his new centrist party will start by fielding candidates for the US Senate and House. He’s on record saying he won’t jump straight to a White House run.

Instead, he plans to build out support at the state level first. This measured approach reflects the massive effort needed to get on ballots: most states demand tens of thousands of signatures for each race. Musk will need a ground game rivaling established parties.

Fiat is hopeless, so yes

— Elon Musk (@elonmusk) July 7, 2025

Bitcoin Figures Front And Center

Based on reports, Musk isn’t just talking the talk. Two of his companies, Tesla and SpaceX, hold a combined 19,794 BTC—11,509 at Tesla and 8,285 at SpaceX.

That stash is worth about $2.1 billion at current prices. He’s also said he personally holds Bitcoin, Ethereum and Dogecoin. By tying his political project to Bitcoin, Musk is likely appealing to the same audience that powered US President Donald Trump’s 2024 campaign on crypto buzz.

Elon Musk is forming his own political party. Image: Bloomberg/Getty Images

The price of Bitcoin has barely budged on the news. The coin sits at $108,772, showing no clear spike or dip. Traders seem to view this more as another Musk headline than a sign of concrete policy change.

Volatility has hit 30 % swings in recent months, so any real plan to take campaign funds or taxes in Bitcoin would face tough questions about price swings.

Bitcoin is expected to play a major role in Musk's political push. Image: FXEmpire

Regulatory And Logistical Hurdles

Based on public filings, no “Department of Government Efficiency” exists—Musk’s DOGE jibe is just a nod to Dogecoin fans. Actual agencies like the IRS and SEC would need to weigh in if a political party tried to use Bitcoin for donations or payments.

US campaign finance laws cap donations and demand strict reporting. Converting crypto to cash quickly, especially during sell‑offs, could trigger accounting nightmares.

Getting on ballots is another mountain. Each state has unique rules on deadlines, forms and signature thresholds. Some require petitions submitted more than a year before an election.

Musk will have to hire or mobilize coordinate teams to track hundreds of deadlines. Failure in just one key state could keep him off that state’s ballot entirely.

The real test will come if Musk files party paperwork and publishes a plan for handling crypto volatility and compliance.

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Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

My Neighbor Alice, a blockchain-based multiplayer game known for its builder mechanics and onchain economy, is rolling out a major $ALICE token airdrop starting June 3. Timed with the game’s birthday, the campaign will distribute 500,000 $ALICE over four months in its largest rewards event to date.

The campaign will distribute 400,000 $ALICE to leaderboard leaders over four waves, with 100,000 reserved for participants who meet a minimum point threshold during the first wave.

Key Takeaways

• Campaign Duration: June 3 to October 14, 2025

• Total Airdrop: 500,000 $ALICE tokens

• Distribution Breakdown: 400,000 $ALICE to leaderboard leaders; 100,000 $ALICE to Wave 1 minimum scorers

• Waves: Four one-month waves, each with a leaderboard reset

• Task Types: In-game quests, content creation, social media sharing, and referrals

• Special Features: Game nights and NFT-crafting ticket rewards

Source: My Neighbor Alice

How to Participate: Waves, Points & Rewards

The airdrop is divided into four distinct waves, each lasting a month. The first wave, titled “Chapter One: A New Adventure,” begins on June 3 and leads up to the campaign’s official launch day on June 17.

Central to the campaign is the new Rewards Board—a playful leaderboard that allows players to track their progress and compare standings. Points can be earned by completing tasks such as logging in for daily activities, sharing content on social media, referring friends, and participating in in-game quests.

To maintain a level playing field, the leaderboard resets every four weeks, with new tasks introduced regularly.

On top of that, players can look forward to special game nights and limited-edition NFT-crafting ticket drops—just a few of the extra perks that make participation even more fun.

Each wave increases in reward size, starting with 50,000 $ALICE for Wave 1. By the end of the campaign on October 14, a total of 400,000 tokens will have been distributed to leaderboard leaders, while 100,000 $ALICE will be distributed to all who reach the minimum point threshold during the first wave.

More Than Just Tokens

This airdrop isn’t just a one-off—it’s part of a bigger movement in Web3 gaming. My Neighbor Alice is using fun, interactive tasks to build community and keep players engaged.

The game, built on the Chromia blockchain, combines cozy builder gameplay with blockchain features like true asset ownership and a player-driven economy. In Alice’s world, players can develop land, craft unique items, and connect with others across a thriving virtual archipelago.

Author

Tim Alper

Author

Tim Alper

About Author

Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked…

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May 24, 2025

Lawmakers close to Lee Jae-myung, the frontrunner in the South Korean presidential elections, have called for Seoul to steal a march on Washington by fast-tracking the rollout of a KRW stablecoin.

The South Korean media outlet Edaily quoted Min Byoung-dug, a lawmaker for the Democratic Party and the chairman of the party’s Digital Asset Committee, as stating that stablecoins could soon become an industry on an equal footing with AI or semiconductors. Min said:

“South Korean is an internet powerhouse. We need to take the lead in institutionalizing stablecoins before US dollar-based stablecoins become firmly established. That is the only way we can secure a sure position in the global battle for stablecoin hegemony.”

KRW Stablecoin Rollout: The Time Is Now

Min added that he thought the potential for stablecoin adoption in the payments space was “limitless.” He explained:

“We should not just sit back and watch it grow into a powerful new future industry on the scale of AI or semiconductors.”

Min is a close Lee ally and an open advocate of crypto regulation reform. He has also previously called for tax parity between South Korean stock traders and crypto investors.

Lee has repeatedly promised to launch a state-backed KRW stablecoin in response to the rapid rise of USD-pegged coins like USDT and USD Coin (USDC).

The frontrunner, who leads his closest rival Kim Moon-soo (People Power Party) in the polls by almost 10%, has called for Seoul to “enter the stablecoin market quickly.”

Lee has warned that delaying the launch of such a coin could lead to further capital flight from the country.

Min echoed Lee’s calls, telling EDaily that Seoul “must expedite the institutionalization of stablecoins.”

He explained that South Korea “should not fall behind as the use of stablecoins rapidly increases, particularly in the United States.”

USDT, USDC Dominance

Min noted the fact that USDT and USDC “account for 90% of the stablecoin market in the United States.”

He also claimed that USD-pegged coins “are already being used in some parts of Korea, such as Dongdaemun Market, where many foreign payments are made.”

Min’s comments about Dongdaegmun Market, Seoul’s biggest clothing and textiles market, may be seen as contentious.

Posters on popular South Korean crypto forums last year claimed that “mass USDT adoption” was underway at Dongdaemun, with Chinese buyers particularly keen on the coin.

However, Dongaemun traders have told both Cryptonews.com and South Korean media outlets that cash, not crypto, is still king at the market.

Regardless, Min said that rapid adoption at home and overseas means Seoul risks being left out in the cold.

He said that if USDT and USDC continue to gain popularity worldwide, the space a won-based stablecoin could fill “will inevitably diminish.”

Could Lawmakers Act Before June 3 Elections?

Min claimed that a won-based stablecoin could gain global attention and drive up global demand for won-related assets, such as the government bonds underpinning a KRW stablecoin.

The lawmaker said that fans of South Korean webtoons (web-based comics) could be among the first overseas users. Readers may use a won-based stablecoin to buy webtoons, Min said.

Min added that he is already pushing for the National Assembly to approve stablecoin legislation.

The DP has a large majority in the house going into the elections. And with the nation essentially rudderless following the impeachment earlier this year of former President Yoon Suk-yeol, the party may yet decide to push ahead with such a bill before the June 3 elections.

Min has already unveiled a private member’s bill named the Basic Act on Digital Assets, prepared with the aid of industry experts.

The lawmaker said of the draft law: “I plan to submit the bill to the National Assembly after another review.”