Argentina’s President Milei Cleared in LIBRA Memecoin Scandal Amid Ongoing Global Investigations
Argentina’s President Javier Milei has been cleared of wrongdoing by the country’s Anti-Corruption Office in relation to the LIBRA memecoin scandal. The office found Milei acted in his personal capacity as an economist—not as a public official—when he promoted LIBRA on social media. No evidence of legal violations, state involvement, or misuse of authority was found. The investigation was initiated at Milei’s own request. Despite this exoneration, separate court investigations continue in Argentina, the United States, and Spain. The controversy began after Milei’s February social media endorsement of LIBRA, which led to a temporary surge in the token’s value to $4.5 billion before a collapse of over 96%, leaving thousands of investors with significant losses. At present, LIBRA trades at $0.030, with a recent 37% monthly gain despite the massive drop from its peak. The episode underscores the volatility and risks of memecoins, as well as the outsized influence political figures can exert on crypto projects and token prices. Crypto traders should remain wary of rapid, news-driven price movements in politically linked assets, as investigations and regulatory scrutiny continue.
Bearish
Despite President Milei being cleared by Argentina’s Anti-Corruption Office, the LIBRA memecoin suffered a dramatic collapse after his initial endorsement and subsequent withdrawal. The ongoing legal probes in Argentina, the US, and Spain add further uncertainty. Most investors remain deep in the red, and the volatility sparked by political endorsements highlights regulatory and reputational risks. In the short term, sentiment for LIBRA remains negative, as legal uncertainty and trust issues persist. Traders should expect continued downward pressure and caution around rapid, news-driven spikes tied to political figures or ongoing investigations.