Argentine President Javier Milei Dragged By LIBRA Crypto Scandal

JAKARTA - Argentine President Javier Milei was found not guilty in a case of alleged ethical violations related to the promotion of LIBRA crypto tokens. Argentina's Anti-Corruption Office stated that Milei had not violated public ethical rules because the promotional uploads were carried out in personal capacity.

In the official decision issued on June 5, the corruption supervisory agency confirmed that Milei's upload on platform X (formerly Twitter) on February 14, 2025 promoting LIBRA memecoin was a personal opinion, not an official state statement.

"Although the account occasionally discusses public policy, its use is personal and reflects the political expression and opinions of individuals protected by the constitution," the Argentine Anti-Corruption Office said in a statement.

After Milei's upload, the LIBRA token jumped to reach a market cap of US$4 billion (Rp65.1 trillion), but then fell to 94% in just a few hours. This event is suspected to be part of a pump-and-dump scheme, which caused investor losses of up to US$251 million (around Rp4 trillion).

This sparked public outrage and political opposition, with some lawmakers calling for impeachment of President Milei. However, with this latest decision, the call may have lost its legal basis.

Milei has denied making official promotions to LIBRA, stating that he only "spreads information" and is not directly involved with the project. He also emphasized that no state resources were used in the upload.

Although the Anti-Corruption Office's decision to release Milei from ethical violations, Argentina's federal criminal court is still investigating the possibility of further involvement in the LIBRA scandal. Milei himself on May 19, 2025 signed a decree disbanding a special task force originally formed to investigate the case.

Critics accused the disbandment of being an attempt to cover up the involvement of high-ranking officials. "Since the beginning it has only been played a role. They protect each other," said lawmaker and economist Itai Hagman in a post on X on May 20.

Despite escaping the legal snares, the scandal has had a negative impact on President Milei's image. According to a Zuban Cryptoba survey, the level of public trust in Milei's leadership fell from 47.3% in November to 41.6% in March, after the LIBRA scandal surfaced.