President Javier Milei has been officially cleared of wrongdoing in the LIBRA memecoin controversy, according to a resolution by Argentina’s Anti-Corruption Office released on June 5. The watchdog found that Milei’s social media post promoting the token was made in a personal capacity, not as part of his presidential duties.
Watchdog Says Milei Acted Privately, Not Officially
The investigation centered around a Feb. 14 post on X (formerly Twitter), in which Milei endorsed the LIBRA token, sparking a rapid price surge followed by a dramatic crash. LIBRA briefly reached a $4 billion market cap, then plunged by over 94%, leading to reported investor losses of $251 million.
“No public resources were used and Milei’s actions were personal in nature,” the Anti-Corruption Office stated.
The office emphasized that Milei’s social media account had been used for personal and political expression since 2015, long before his presidency began.
Impeachment Calls Rejected, But Criminal Probe Continues
Following the crash, opposition lawmakers called for Milei’s impeachment, accusing him of misleading the public and abusing his platform. However, the Anti-Corruption Office concluded that no ethical violations occurred under federal laws governing public officials.
“Milei was exercising his civil and political rights,” the report confirmed.
Despite the ruling, a federal criminal court is still investigating the incident. No criminal charges have been filed to date.
Task Force Disbanded, Critics Question Integrity
On May 19, Milei signed a decree to shut down a special task force created to probe the LIBRA scandal. Critics claim this move raises questions about the government’s transparency.
“It was always a fake… they’re covering each other up,” said one lawmaker.
While no action has been taken against Milei or any other officials, public trust has taken a hit.
Public Confidence Declines After Scandal
Polling conducted in March showed a drop in national approval ratings following the LIBRA incident. Data revealed that Milei’s approval rating fell from 47.3% in November to 41.6% in March, reflecting public concern over the scandal’s handling.
The LIBRA token incident may not have legal consequences for Milei, but it has clearly impacted his political image.