Javier Milei, president of Argentina, has been officially cleared of all charges related to the promotion of the LIBRA token, a memecoin based on Solana. The news, reported by the Buenos Aires Herald, comes after weeks of controversy and speculation that had raised doubts about the use of his public influence to support a highly speculative financial project.
A resolution issued on Friday by the Argentine anti-corruption office clarified that Milei, in promoting LIBRA, spoke “in his capacity as an economist and not as a public official.” This detail proved crucial for his acquittal.
Javier Milei: no wrongdoing in the promotion of the memecoin LIBRA
Everything began in February, when Milei published a post on the platform X (formerly Twitter), in which he spoke positively about LIBRA. The post, published from his personal account, described the memecoin as an initiative designed to help small and medium Argentine enterprises raise capital. The market reaction was immediate: LIBRA reached a capitalization of about 4.5 billion dollars, driven by the enthusiasm generated by the president’s words.
However, a few hours later, Milei deleted the post, stating that he was not aware of the details of the project at the time of its publication. The removal of the message triggered a vertical drop in the value of LIBRA, which lost 90% of its value, causing a loss of over 4 billion dollars.
The reasons for the acquittal
According to the resolution signed by Alejandro Melik, head of the anti-corruption office, the account from which Milei published the post had been created “long before his election as president and even before his term as a deputy.” This element strengthened the thesis that Milei was expressing a personal and professional opinion, not an institutional action.
The distinction between the public role and the private one has been decisive: it was not an official act, but rather an intervention by an economist who, despite being president, used a personal channel to express an evaluation on a financial project.
The economic consequences for investors
The collapse of LIBRA had significant repercussions for investors. According to on-chain data provided by the Nansen platform, 86% of traders incurred losses, totaling 251 million dollars. Only a small portion of investors, the remaining 14%, managed to achieve profits, amounting to a total of 180 million dollars.
The market dynamics have highlighted the extreme volatility of cryptocurrencies, particularly memecoins, which often rely more on speculation and media hype than on solid economic fundamentals.
Shadows on the project: the role of the co-creator of LIBRA
Worsening the situation, disturbing details have emerged about the behavior of one of the co-creators of LIBRA, Hayden Davis. In some private messages, Davis allegedly boasted about his influence over Milei, claiming that this stemmed from payments made to Karina Milei, the president’s sister and a key figure within his government.
These revelations have raised further questions about the transparency of the project and the connections between the promoters of LIBRA and the presidential entourage. However, at the moment, there are no formal charges against Karina Milei or other members of the government.
A case that raises questions about the role of public figures in the crypto world
The entire affair has sparked a broader debate on the role of public figures in promoting digital assets. When a president, even in a personal capacity, expresses opinions on highly volatile financial instruments, the impact on the market can be devastating.
The resolution of the anti-corruption office has determined that Milei has not violated any regulations, but the LIBRA case remains a warning for the future: the line between personal opinion and institutional influence can be thin, especially when it comes to markets as sensitive as the cryptocurrency one.
Conclusion: Milei emerges unscathed, but the debate continues
With his acquittal, Javier Milei avoids legal consequences, but the LIBRA case leaves behind a trail of controversies and economic losses. His figure, already polarizing in the Argentine political landscape, emerges strengthened on the legal front, but not necessarily in the court of public opinion.
The event highlights how important it is for political leaders to maintain a balance between freedom of expression and public responsibility, especially in an era when a single post can move billions of dollars.
The world of cryptocurrencies, with its decentralized nature and its reliance on user trust, will continue to be fertile ground for controversies of this kind. And while on one hand Milei has been acquitted, on the other hand the LIBRA case remains an emblematic example of how thin the line can be between personal influence and institutional power.