Argentina’s President Javier Milei has been cleared of wrongdoing by the country’s Anti-Corruption Office (ACO) over his February endorsement of the controversial LIBRA memecoin, which many alleged triggered a $251 million investor loss.
🧾 Watchdog Says Milei Acted “In Personal Capacity”
In a June 5 resolution, the ACO ruled that Milei’s Feb. 14 X post about LIBRA was made in a personal capacity, and thus did not violate Argentina’s federal ethics laws for public officials.
The watchdog emphasized that:
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No public resources were used.
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Milei’s X account predates his presidency and is used for personal political expression.
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The post was not part of an institutional communication.
“These characteristics are typical of any citizen who expresses political ideas,” the ACO wrote.
📉 LIBRA Pump-and-Dump Allegations
Shortly after Milei’s post, LIBRA skyrocketed to a $4 billion market cap, only to crash 94% within hours — fitting the pattern of a classic pump-and-dump scheme.
Though Milei denied endorsing the coin, saying he merely “spread the word,” critics from the opposition party pushed for impeachment and deeper investigation.
🏛️ Court Probe Still Ongoing
While the ACO cleared Milei of any ethics violations, a federal criminal court investigation is still active.
Notably, Milei signed a decree on May 19 to shut down the task force assigned to investigate the scandal — a move many viewed as suspicious.
“They never dared to investigate anything,” said opposition lawmaker Itai Hagman on X.
📉 LIBRA Fallout Damages Milei’s Public Image
A March poll by Zuban Córdoba revealed that the scandal dented Milei’s public trust:
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Approval of national management fell from 47.3% in November to 41.6% in March
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A growing number of Argentines said they distrust Milei after the LIBRA fallout
Despite the watchdog’s decision, the reputational damage appears to be lingering.
Whether the federal court finds Milei criminally liable or not, the LIBRA scandal highlights how personal posts by public figures can have massive financial — and political — consequences.
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