The Argentine anti-corruption authority (Oficina Anticorrupción; OA) has concluded that President Javier Milei acted for personal gain in promoting the Libra cryptocurrency (LIBRA), but did not violate the country’s public ethics laws.
The OA’s decision concludes an administrative investigation. This investigation was launched at the request of the Milei government itself to determine whether government officials, including the President, acted improperly following the rapid decline in the value of the Libra token.
Promoted or “not”?
The Libra token was created in February 2025 as a memcoin as part of Argentina’s Viva La Libertad project. However, the introduction of the token sparked controversy. President Milei had publicly advocated Libra on his personal X account and presented it as a tool to promote small businesses in Argentina. This endorsement coincided with a sharp rise in Libra’s market capitalisation, which briefly reached $4.5 billion.
However, the cryptocurrency experienced a dramatic crash and lost 90% of its value within a few hours on the night of February 14-15. Milei immediately removed his social media post, claiming that he lacked detailed information about the project.
According to reports, the rapid drop in Libra’s value led to significant losses, estimated at over 250 million dollars and affecting around 75,000 crypto wallet holders.
Following the collapse, opposition politicians called for Milei’s impeachment and affected investors filed several lawsuits in local courts.
To add another layer to the controversy, President Milei disbanded a previously established investigation unit in May. This came shortly after a judge requested access to the bank records of the president and his sister, who reportedly had links to the founders of Libra, including Hayden Davis. The government claimed the unit had fulfilled its duties and its findings had been submitted to the prosecution.
While the OA’s determination concludes the administrative review, a federal criminal investigation into the Libra incident remains active. Furthermore, a class-action lawsuit brought by investors from Argentina, the United States, and the United Kingdom is still awaiting resolution in the courts.
