Argentina’s Anti-Corruption Office has officially cleared President Javier Milei of any wrongdoing related to his promotion of the LIBRA memecoin, which spectacularly collapsed in February after surging to a $4.5 billion market cap following his endorsement.
As reported by the Buenos Aires Herald, the resolution signed by Anti-Corruption Office head Alejandro Melik hinged on a crucial distinction: Milei was acting as a private citizen when he promoted LIBRA on his personal social media account, not as Argentina’s president.
Personal Account Defense
The office determined that personal social media accounts “cannot be considered channels for disseminating information or official decisions of the State simply because they are used by public servants.”
This reasoning proved decisive in absolving Milei of violating Argentina’s “Ethics in the Exercise of the Public Office” law. The investigation noted that Milei’s X account was created long before his presidency and even predated his term as a deputy. When promoting LIBRA, he presented himself “as an economist and not as a public official,” according to the resolution.
The office also found no financial connections between Milei and the parties behind LIBRA’s launch, including Kelsier Ventures, Hayden Davis, Mauricio Novelli, and Manuel Terrones Godoy. This absence of personal benefit further supported the decision to clear the president of misconduct charges.
Former National Securities Commission advisor Sergio Morales was similarly absolved of wrongdoing, though the resolution recommended the CNV investigate whether he used confidential government information during LIBRA’s development.
LIBRA Market Impact
The LIBRA incident remains one of cryptocurrency’s most dramatic pump-and-dump scenarios. On February 14, Milei’s endorsement portrayed the Solana-based token as a vehicle for supporting small and medium-sized Argentine businesses. The post included a contract number enabling investors to locate the unlisted cryptocurrency.
LIBRA’s value skyrocketed immediately, surpassing $5 before crashing by 90% within hours as Milei deleted his promotional post, claiming ignorance about the project’s details. The collapse wiped out over $4 billion in market value, with on-chain data from Nansen revealing that 86% of traders lost a combined $251 million while a small minority secured $180 million in profits.
The scandal deepened when text messages surfaced showing LIBRA co-creator Hayden Davis bragging about his influence over Milei through payments made to Karina Milei, the president’s sister and influential government figure. Despite these revelations, the Anti-Corruption Office found no evidence of state procedures, acts, or contracts related to LIBRA.
Milei has consistently maintained his innocence, declaring in February: “They knew very well the risk they were taking. If you go to the casino and lose money, it’s your problem.” This stance now receives official vindication through the corruption office’s findings.
With tens of thousands of investors reportedly affected by LIBRA’s collapse, this official clearing represents just one chapter in an ongoing international legal battle that continues to unfold across three countries.
