No Breach of Duty by Milei
Argentina’s Anti-Corruption Office has officially cleared President Javier Milei of any misconduct in the LIBRA token scandal, stating he was acting in a personal capacity when he posted about the controversial memecoin earlier this year. The June 5 resolution emphasized that Milei didn’t use public resources nor violate any federal ethics laws when he mentioned the token in a Feb. 14 post on X (formerly Twitter).
The investigation followed public outrage after LIBRA briefly skyrocketed to a $4 billion market cap—only to plummet 94% within hours. The crash resulted in alleged investor losses of $251 million, prompting impeachment calls from the opposition party.
Was It Just a Personal Opinion?
The watchdog was clear that Milei was simply expressing personal views and that he has used X as a private platform since 2015, well before becoming president. It added that his online behavior mirrors that of “any citizen who publicly expresses their political ideas.”
Milei, for his part, denied promoting LIBRA, insisting instead that he merely "spread the word" about the token. Still, the scale of investor losses and timing of the endorsement have made it difficult for some to accept the official narrative.
Criminal Case Still Open
Although the Anti-Corruption Office has closed its inquiry, a federal criminal court is still investigating the LIBRA episode. While no charges have been brought forward yet, critics argue the initial investigations were rushed and insufficient.
Adding fuel to the fire, Milei issued a decree on May 19 to shut down the special task force created to probe the scandal. As of now, no legal action has been taken against Milei or any other public official.
Economist and Argentine lawmaker Itai Hagman openly criticized the move, posting on X:
Ahora por decreto disolvieron la Unidad de Tareas de Investigación dedicada al escándalo de Libra. Otro principio de revelación más: siempre fue un fake, nunca se animaron a investigar absolutamente nada, y se cubren entre ellos porque están completamente hasta las manos. pic.twitter.com/yQONDdZUgJ
— Itai Hagman (@ItaiHagman) May 20, 2025
Ahora por decreto disolvieron la Unidad de Tareas de Investigación dedicada al escándalo de Libra. Otro principio de revelación más: siempre fue un fake, nunca se animaron a investigar absolutamente nada, y se cubren entre ellos porque están completamente hasta las manos. pic.twitter.com/yQONDdZUgJ
— Itai Hagman (@ItaiHagman) May 20, 2025
This level of distrust highlights just how politically charged the scandal has become, even in the absence of legal consequences.
Damage to Milei’s Image Persists
Even with the official clearance, the LIBRA scandal has clearly hurt Milei’s public image. A March survey by polling firm Zuban Córdoba revealed a significant drop in the government’s national management approval rating, falling from 47.3% in November to 41.6% in March.
The survey included 1,600 respondents, many of whom questioned Milei’s trustworthiness in light of the incident. Although he may have avoided legal trouble, the political fallout appears far from over.
Source: Zuban Cordoba
