Argentinas Anti-Corruption Agency Clears President Javier Milei Amid LIBRA Controversy

The Argentine Anti-Corruption Office (OA) has cleared President Javier Milei of ethical violation allegations linked to his promotion of the meme token LIBRA.

In February, the cryptocurrency promoted by the head of state reached a market capitalization of $4.56 billion, only to subsequently plummet by over 90% within a few hours. The token’s rally commenced after Milei posted on X, sharing a link to the LIBRA website and the smart contract address.

According to the politician, his intention was not to encourage people to purchase the coin, but rather to share what he considered a financial innovation.

Milei later deleted his initial post. Nonetheless, his actions sparked a scandal, leading to allegations of fraud, involvement in a Pump & Dump scheme, and threats of impeachment.

The President has requested that the OA investigate the conduct of government officials, including his own, regarding the LIBRA situation.

The office concluded that the president’s post on his personal account did not reflect an official stance. According to the OA’s determination, Milei’s tweet was not associated with the allocation of public resources or support and “should be interpreted as an act of individual or private communication.”

Meanwhile, a court in Argentina continues to review a civil lawsuit filed by investors over the president’s promotion of LIBRA. In May, the court requested bank statements from the president and his sister, who is suspected of collaborating with individuals involved in the launch of the meme coin.

In the Argentine Congress, three initiatives to investigate the role of public officials in the LIBRA case have been approved.

According to media reports, the U.S. Department of Justice has initiated its own investigation into Milei.

The Argentine prosecution has frozen assets related to LIBRA amounting to approximately $100 million. Circle has blocked USDC associated with the project valued at $57.6 million.

It is important to note that in May, Milei disbanded the investigative team assigned to the LIBRA case, citing the conclusion of its mandate.