Argentina minister resigns amid Bitcoin wealth probe
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- Argentina's Cabinet Chief Manuel Adorni has resigned while facing an investigation into alleged illicit enrichment linked to previously undisclosed Bitcoin investments.
- Adorni said he invested US$200,000 in Bitcoin in 2013 and later earned US$300,000, although blockchain analysis has questioned part of that claim.
- The resignation adds to political pressure on President Javier Milei following criticism over the Libra token controversy.
Argentina's Cabinet Chief Manuel Adorni resigned after facing an illicit enrichment investigation centred on previously undisclosed Bitcoin (CRYPTO:BTC) investments and amended financial disclosures that he said explained more than US$500,000 in unreported assets.
Adorni said he invested about US$200,000 in Bitcoin during 2013, earned US$300,000 from those investments and began selling his holdings in 2018, presenting the transactions as the source of the previously undeclared funds.
"Tonight I am going to sleep in absolute peace with myself and with what I have done for the country; I only hope that many of those who did everything to harm me might one day achieve the same," Adorni said in a resignation letter published on social media.
Blockchain researcher Fernando Molina said he identified a wallet that appeared consistent with part of Adorni's account but estimated it reflected around US$60,000 in gains, while noting that additional wallets may also have been used.
Journalist Hugo Alconada questioned the origin of the funds used for the initial Bitcoin purchase, arguing that supporting banking records identifying the fiat transfers had not been produced.
The investigation has also drawn attention to the size of Adorni's reported Bitcoin holdings during the cryptocurrency's early years, when relatively few wallets held comparable amounts of the asset.
The resignation adds to political challenges for President Javier Milei, whose administration has already faced scrutiny over the Libra token controversy that resulted in significant losses for investors after the token was promoted on social media.
At the time of reporting, Bitcoin price was $59,468.83.
