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Cleared or Complicit? Anti-Corruption Office Rules on Milei’s Controversial LIBRA Crypto Tie
Argentina’s Anti-Corruption Office cleared President Javier Milei in a controversial cryptocurrency scandal that shook investor confidence. The investigation centered on whether Milei’s endorsement of the LIBRA token violated his presidential duties. The office concluded he acted in a personal capacity, not as president.
The LIBRA token’s journey reads like a classic crypto cautionary tale. After Milei’s endorsement, the token skyrocketed to a $4 billion market cap before crashing 94%. Investors who didn’t DYOR (do your own research) lost approximately $251 million collectively. The dramatic rise and fall exhibited all the characteristics of a pump-and-dump scheme. This pattern of extreme volatility is common among meme coins, where drastic price fluctuations can destroy wealth as quickly as they create it.
Classic crypto pump-and-dump: LIBRA token soared to $4 billion, crashed 94%, torching $251 million in investor funds.
The Anti-Corruption Office, operating under a government ministry, found no violation of federal ethics laws. Their reasoning was straightforward: Milei used no public resources and expressed himself personally on social media. He’s been tweeting since 2015, long before his presidency. The office viewed his actions as exercising constitutional rights to free expression. The investigation findings were submitted to the public prosecutor’s office for further review.
Despite this clearance, the saga continues. A federal criminal court maintains its investigation into Milei’s involvement. Opposition politicians called for impeachment, citing the massive financial losses. A class action lawsuit involving plaintiffs from multiple countries moves forward. Meanwhile, a U.S. court froze $57 million in USDC connected to the scandal.
Milei defended himself by claiming he merely “spread the word” without actively promoting the token. His defense team emphasized the personal nature of his social media activity. They argued that restricting his online expression would violate basic rights.
The scandal exposed vulnerabilities in crypto markets when political figures enter the space. It highlighted how quickly tokens can moon and crash, leaving regular investors holding the bag. The incident sparked discussions about increased regulatory scrutiny for political endorsements in cryptocurrency. Milei’s approval rating dropped from 47.3% to 41.6% following the scandal, according to polling data.
While the Anti-Corruption Office cleared Milei, the broader implications remain. Criminal investigations continue, international legal actions proceed, and investors seek compensation. The LIBRA scandal serves as a reminder that in crypto, even presidential mentions can’t guarantee sustainable gains. Sometimes, the only thing that goes to the moon is controversy itself.
