Argentina cabinet chief Adorni resigns amid bitcoin probe

Manuel Adorni resigned as Argentina’s cabinet chief on June 27 after media allegations and an ongoing probe into more than $500,000 in undeclared assets. He amended his asset statements to say the funds came from bitcoin bought in 2013.

Adorni’s amended filings say he invested roughly $200,000 in bitcoin in 2013, later liquidating holdings and reporting about $300,000 in gains. A formal investigation into undeclared funds began in March and intensified after renewed press scrutiny.

In a televised interview in June he recounted that he began buying bitcoin in 2013 with around $200,000 and started selling holdings in 2018. He posted a resignation letter on social media in which he wrote, “Tonight I am going to sleep in absolute peace with myself and with what I have done for the country.”

Analysts and auditors reviewing his disclosures reported inconsistencies between his public account and blockchain data. One traceable wallet that matched some of the movements Adorni described would account for roughly $60,000 in gains, well below the $300,000 he declared.

Adorni has indicated to investigators that his bitcoin operations involved multiple wallets rather than a single address and that broader ownership patterns in 2013 could explain larger holdings for early buyers.

Investigators have requested documentation that would show the original source of the fiat funds used to buy bitcoin in 2013. Bank records and exchange deposit histories can establish how legal-currency transfers reached cryptocurrency platforms; such traceable records have not been provided to investigators.

Prosecutors are focused on whether assets were properly declared and whether any funds derived from undeclared income. Officials opened a formal review of Adorni’s amended asset statements and are seeking documentary proof of his reported bitcoin purchases and sales.

The probe aims to reconcile Adorni’s reported balances with on-chain transaction records and financial filings. Authorities may also examine tax and asset-declaration obligations related to conversions from cryptocurrency to fiat.

Adorni framed his resignation as a response to sustained media attention and political pressure. The departure adds to scrutiny of the administration’s connections to cryptocurrency initiatives and to public officials’ personal crypto dealings.