Argentina’s President Milei Cleared in Libra Crypto Promotion Probe – Coincu

Argentina’s anti-corruption office has cleared President Javier Milei of any ethical breaches related to his promotion of the Libra cryptocurrency on his personal X account. This investigation was prompted by claims he supported Libra to aid small businesses in Argentina.

This decision comes amid controversy labeled as “Cryptogate,” which followed significant investor losses after Libra’s 90% crash from a “2.00 billion” market cap.

Milei’s Libra Promotion Cleared with No Ethical Breach

Argentina’s Anti-Corruption Office (OA) announced that President Javier Milei acted in his personal capacity when promoting the Libra cryptocurrency. According to the OA, “Milei’s promotional post, which is not connected to administrative acts, has no allocation of public resources, or institutional support, should be interpreted as an act of individual or private communication that has not generated any official public policy direction of any kind.”

Despite the investigation’s findings, the event led to substantial investor losses after Libra’s crash, with no institutional changes announced. Public confidence in the government’s handling of cryptocurrency issues remains uncertain.

Market reactions have been notable, as no major figures have commented publicly since the OA’s decision. The absence of statements from leading Libra developers reinforces perceptions that the cryptocurrency’s future is uncertain.

Libra Market Crashes 90% Sparking Investor Concerns

Did you know? Argentina’s “Cryptogate” marks the first time a sitting head of state directly’ social media post influenced a meme coin’s valuation, drawing unprecedented legal attention and scrutiny.

As of June 8, 2025, CoinMarketCap reports Libra’s price is $0.03, reflecting a market cap of “7.72 million” with a 17.30% rise over the week but a 62.85% decrease over 90 days. Despite heavy volatility, Libra’s trading volume remains at $349,935, showing prevalent trading interest.

According to Coincu’s research team, the event underscores the delicate balance between individual actions and public office responsibilities. The historical context noted, “This situation mirrors previous high-profile ‘rug pulls,’ but what sets this apart is the direct involvement of a sitting head of state.” The evolving regulatory environment around crypto promotions will likely demand enhanced transparency from public figures involved in the sector.