An Argentine court has frozen 25 wallets in the LIBRA case and demanded that Binance, Bybit, and other exchanges disclose client data.
Federal Judge Marcelo Martínez de Giorgi has ordered the freezing of 25 cryptocurrency wallets directly linked to the high-profile LIBRA token case. Furthermore, the court has mandated six international exchanges to provide complete dossiers on the owners of these addresses, including transaction history and KYC data. This is an unprecedented step for the Argentine jurisdiction, demonstrating the authorities' determination to combat financial crimes in the digital asset space.
The decision was made at the request of prosecutor Eduardo Taiano. The basis for such stringent measures was a technical report from the cybercrime division of the Argentine Federal Police (PFA). According to my information, this document reconstructed the full picture of fund movements using methods of reverse tracing and open-source intelligence (OSINT) analysis.
List of Exchanges and Scope of the Freeze
The freeze affected assets on several major trading platforms. This involves ten addresses on Binance, eight on Bybit, two on OKX, two on CoinEx, one on FixedFloat, and two on Bitfinex. The judge has demanded that each exchange provide data according to KYC standards: account opening documents, internal records, IP address logs, associated bank accounts, and complete transaction history.
The court cited the absence of a cryptocurrency regulator in the country as the reason for these measures. As stated in the ruling, this is necessary to avoid damage that would later be irreparable. The judge emphasized the preventive nature of the decision: "the freeze should stop possible new crimes during the investigation."
Fund Withdrawal Scheme: From LIBRA to Mixing via Tron
The technical report played a key role in the case. According to the investigation, assets were moved from a group of wallets called Team Libra Wallets. Between February 14 and 15, 2025, millions of tokens were transferred from them, which then ended up in a common intermediate wallet.
Subsequently, the investigation recorded a large withdrawal of funds. On May 10, 2026, 498,539.85 USDT were received via a compatibility protocol into a wallet on the Tron network. The transaction was completed in just 16 seconds without the involvement of a traditional exchange. After that, a fund fragmentation scheme—so-called "smurfing"—was launched: daily distribution of fragmented amounts across numerous wallets to hinder tracking.
It all began with President Milei's post on social network X on February 14, 2025. Following this, the token's price skyrocketed from $0.01 to nearly $5 within hours, then collapsed amid sales by the project's creators. Over 40,000 people were affected. According to the investigation's estimates, the fund withdrawal reached approximately $100 million. Among the accused are lobbyist Mauricio Novelli, his partner, and American Hayden Davis.
My Expert Commentary: This case is a vivid example of how the lack of clear regulation and the use of a "presidential pump" can turn into a disaster for thousands of retail investors. The freezing of wallets and the request for data from international exchanges is a signal to the entire market: even in jurisdictions without formal crypto regulation, law enforcement finds ways to reach assets. Investors should remember that anonymity on the network is an illusion, and schemes promising quick riches based on memes and political figures almost always end the same way.