Around $99 million worth of cryptocurrency was withdrawn from the marketplace of a coin at the centre of a scandal in Argentina by eight digital wallets linked to the crypto token's creator, blockchain researchers said.

The promise of crypto regulation in Argentina, once fueled by the rise of pro-crypto President Javier Milei in late 2023, has come crashing down as hopes for progress in the sector’s regulatory framework vanish following the scandal surrounding memecoin Libra (LIBRA).

A new report cites text messages that appear to show the crypto mogul bragging about exerting some sort of control over the Argentinian leader.