President of Argentina Javier Milei did not break the law when he posted about the cryptocurrency Libra (LIBRA) on the social media platform X. This was the conclusion reached by the country’s National Anti-Corruption Office. However, a criminal investigation into potential manipulations involving the memecoin is still ongoing.
Argentine President Javier Milei did not break the law when he posted about the cryptocurrency Libra (LIBRA) on the social platform X, according to the country’s National Anti-Corruption Office. However, the criminal investigation into possible manipulation involving the memecoin is still ongoing.
On June 5, Argentina’s Anti-Corruption Office (OA) officially stated that the president’s post from February 14 was not related to his official duties and was made in his capacity as a private citizen. The agency emphasized that the post does not violate federal ethics laws for public officials.
The decision clarified that Milei used his personal X account, active since 2015, to publish the post. Although he sometimes comments on government decisions using this account, it is not officially classified as a government profile and is considered a platform for personal and political expression.
Libra Token Soared and Then Crashed
Following Milei’s post about the token, LIBRA’s value surged, with its market capitalization peaking at $4 billion. However, the price quickly plummeted by 94%, resulting in investor losses of $251 million. The incident showed signs of a typical "pump and dump" scheme.
In response, opposition lawmakers demanded impeachment. Milei denied the allegations, stating that he was not promoting the token but merely "talking about it."
Investigation Remains Ongoing
The anti-corruption authority’s decision has not halted the criminal investigation. The federal court is continuing to examine the president’s potential involvement in the scandal.
On May 19, Milei signed a decree disbanding a task force previously created to investigate the matter. No formal charges have been brought against Milei or any other government officials.
Presidential Approval Drops After the Scandal
According to a March poll by Zuban Córdoba, the Libra controversy negatively impacted Milei’s reputation. Public trust in his administration fell from 47,3% in November to 41,6% in March.
Argentine Deputy Itai Hagman wrote on X that the investigation was not properly conducted from the start and accused the authorities of "covering for each other."
Read also: “Memecoins are Cooked”. How the LIBRA Scandal Ruined Trust in the Sector
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