Anti-Corruption Office Finds No Ethics Violation
Argentina’s anti-corruption office has officially cleared President Javier Milei of any wrongdoing related to the controversial Libra cryptocurrency promotion. The investigation concluded that Milei’s February post about Libra was made in a personal capacity, did not involve federal resources, and did not violate public ethics laws.
The ruling ends the executive branch’s internal probe, though a separate federal court case is still pending.
Scandal Triggered by a Single Social Media Post
The controversy began after President Milei shared a post on X (formerly Twitter) promoting the Libra crypto token, just hours after meeting with its founders. The post led to an immediate spike in Libra’s price.
Large holders quickly sold off their positions, causing a crash that wiped out millions in retail investments. Many accused the government of orchestrating a pump-and-dump scam, believing that Milei’s endorsement implied official backing.
Government Shuts Down Task Force with No Findings
In response to the public outcry, the government formed the Investigative Task Force (UTI) to examine the incident. Created by presidential decree, the unit had full authority to investigate promotion irregularities, request documents, and report evidence tampering.
However, just three months later, the UTI was dismantled, with a decree stating it had “fulfilled the functions assigned to it”—yet no public findings were ever released. The move drew criticism, especially from retail investors who suffered financial losses and still seek transparency.
Key Details Raise Public Suspicion
- Libra’s price soared and crashed on the day of Milei’s post.
- A small number of wallets controlled the majority of the supply.
- These wallets were emptied just before the crash, fueling speculation of insider profit.
- Retail investors were left with near-worthless tokens, prompting hundreds of complaints to local regulators.
Ongoing Investigations and Political Fallout
The scandal reached Argentina’s Congress, prompting the formation of a 28-member special committee in April to investigate the matter further. However, no formal hearings have been conducted. Key officials, including Justice Minister Mariano Cúneo Libarona and Economy Minister Luis Caputo, did not appear when summoned on May 14.
Critics argue that the government is avoiding accountability, and many citizens demand answers about whether anyone in Milei’s administration benefited financially from the promotion.