Argentina Clears President Milei in Crypto Scandal Over Libra Token

Crypto

Argentina Clears President Milei in Crypto Scandal Over Libra Token

Argentinas Anti-Corruption Office (OA) has cleared President Javier Milei of wrongdoing in the February Libra ($LIBRA) token scandal, ruling that his public support for the cryptocurrency was a private action, not a misuse of public office.

The OA concluded that Mileis now-deleted promotion of LIBRA on his personal X account did not involve public resources, institutional support, or any link to government action.

“This should be interpreted as an act of individual or private communication,” the OA stated, distancing the post from any formal public policy.

From Market Boom to Collapse: The Rise and Fall of $LIBRA

Milei endorsed the Libra cryptocurrency in early 2025 as a tool to empower small businesses and startups in Argentina. The post helped send LIBRAs market cap soaring to over $2 billion—only to see the token crash 90% shortly after, erasing millions in investor capital.

The fallout, dubbed “Cryptogate” by Argentine media, triggered widespread backlash. Opposition leaders called for Mileis impeachment, while lawyers filed lawsuits on behalf of citizens who suffered heavy financial losses.

President Requested Ethics Probe to Set Record Straight

Milei proactively called for the OA to investigate his actions, requesting a review into whether he or any government official breached ethical conduct standards.

The move was seen as an attempt to take control of the narrative and affirm that the LIBRA post was made in a personal capacity, not as an endorsement tied to government policy.

“Determine whether there was improper conduct on the part of any member of the National Government, including the President himself,” his office said at the time.

Conclusion: Case Closed, But Controversy Lingers

Although the OA cleared Milei, public trust remains divided. Critics argue that even private endorsements from sitting presidents carry weight—and consequence—especially when financial instruments are involved.

Still, with no ethics breach found and no formal ties between LIBRA and the Argentine government, the legal chapter of Cryptogate appears closed—at least for now.