Argentina’s President Javier Milei has been exonerated by the country’s Anti-Corruption Office regarding his involvement in the controversial LIBRA memecoin scandal, which resulted in significant financial losses for investors.
The announcement, made by local media, indicates that the office found no legal violations in Milei’s promotion of the cryptocurrency earlier this year.
According to the resolution, Milei’s personal account was established long before his presidency and was not linked to any official state actions related to the cryptocurrency.
While the ruling clears Milei of wrongdoing, the case remains under investigation by courts in Argentina, the US, and Spain. In April, Argentina’s lower house voted to form a commission to probe the scandal, but the ruling party has stymied efforts to advance the investigation.
The LIBRA scandal erupted on February 14, when President Milei publicly endorsed the cryptocurrency, claiming it would strengthen the Argentine economy by supporting small businesses.
Milei’s collaboration with Hayden Davis, the creator of the LIBRA memecoin, has drawn scrutiny. Reports indicate that Milei met with Davis multiple times prior to the token’s launch, facilitated by Argentine businessmen Mauricio Novelli and Manuel Terrones Godoy.
These meetings raised concerns, particularly after Sergio Morales, a former advisor to Argentina’s National Securities Commission (CNV), resigned amid a prosecutor’s investigation into his possible involvement in the scandal.
It concluded that while Milei occasionally referenced public policies on his personal account, he did so in a non-official capacity, as the account predates his governmental responsibilities.
As of now, the memecoin trades at $0.030, down over 96% from its all-time high reached on February 14. However, over the monthly time frame, the token has registered gains of 37%.
Featured image from BBC, chart from TradingView.com
