Watchdog Clears Milei Over $251 million LIBRA Scandal

- The Anti-Corruption Office found President Javier Milei did not misuse public resources. - Ongoing investigations continue despite the office's findings. On June 9, 2025, CoinDesk reported that Argentina’s Anti-Corruption Office (OA) cleared President Javier Milei of any wrongdoing related to the LIBRA memecoin scandal. This clearance was based on an OA resolution issued on June 5, 2025, which, according to CoinDesk, concluded Milei acted solely in a personal capacity when he endorsed the LIBRA token in a February 14, 2025, X post. The same report indicated that the office emphasized he breached no federal ethics laws for public officials. Furthermore, according to CoinDesk's June 9 report, the Anti-Corruption Office confirmed Milei utilized no public resources in the incident. The report detailed that the OA's resolution noted Milei has used his X account for personal and political expression since 2015, long before assuming the presidency, and also stated that during the endorsement, he presented himself as an economist, not as a public official, thereby exercising his civil and political rights. This resolution holds considerable significance, as Milei's endorsement led to an investor loss of approximately $251 million. His post caused the LIBRA token's value to plummet by around 94% after it reached a $4 billion market cap, and this event, which bore the hallmarks of a pump-and-dump scheme, prompted opposition party members to call for Milei's impeachment. Despite the OA's findings, a federal criminal court is still investigating Milei’s involvement in the LIBRA token scandal. Critics have raised concerns, particularly because in May 2025, Milei disbanded a task force initially established to probe the scandal, an action which critics suggest could hinder a thorough investigation. Following the scandal, polls indicated a dip in Milei's approval ratings and public trust among Argentines. However, reports suggest the incident minimally impacted his popularity abroad and had little effect on the performance of Argentine assets. Additionally, authorities in the United States and Spain are continuing their investigations into the LIBRA token. On June 9, 2025, at 12:00 UTC, CoinMarketCap reported that LIBRA (LIBRA) was trading at $0.021, with a -3.5% change in 24-hour trading volume.