Blanched, but not yet innocent. The Libra scandal shook Argentina and the world of cryptocurrency last February when President Javier Milei promoted token $ Libra on his personal x account. This was to be support for small companies and Argentinian startups has turned into a financial disaster when the token dropped 90 % compared to its summit of $ 2 billion in capitalization. The media and political outcry that followed, nicknamed « Cryptogate » By the local press, led to calls for the dismissal of President Milei and legal proceedings from injured investors. And an important first decision has just fallen into this file.
- The Libra scandal shaken Argentina and the world of cryptocurrency after President Javier Milei supported the token $ Libra, which then dived by 90 % in value.
- Javier Milei was bleached by the anti-corruption office, who concluded that he was acting as an individual, but judicial investigations continue to scrutinize his links with the creators of Libra.
Javier Milei whitewashed by the anti-corruption office …
Faced with pressure, the President Milei So had asked for a investigation fromAnti-corruption (OA) to determine if there had been a inappropriate conduct from him or from members of his government. The OA finally concluded that Javier Milei acted asindividual and not as president When he promoted Libra, thus exempting the head of state from any violation of public ethics laws:
« In summary, [le post promotionnel de Milei]which is not linked to administrative acts, has no allocation of public resources or institutional support and it must not be interpreted as an act of individual or private communication; In addition, he has not generated any orientation of official public policy of any kind whatsoever. »»
Extract from the anti-corruption office investigation report-Source: Argentina.Gob.ar
This decision marks the end of theadministrative investigationeven if others legal proceedings are still underway, in particular an investigation by the Federal Criminal Court and a collective appeal involving complainants of Argentina, the United States and the United Kingdom.
… But the troubled links between Milei and the creators of Libra remain …
The OA investigation, however, revealed disturbing details on relations between the president Milei and Libra creators, especially Hayden Davis. According to the report, the latter met Javier Milei for the first time on January 30, and although he had no official link with the Argentine government, he was presented as a partner project Kip Protocolresponsible for the launch of Libra.
Two wallets Belonging to Mr. Davis, containing $ 57.6 million in USDC, were even frozen by Circle following an order from the United States District Court in New York. This decision follows allegations according to which Mr. Davis would have Take advantage of his meeting with the Argentinian president for orchestrate A Pump & Dump on the token libra, causing massive losses for them investors.
Although Milei was bleached by the OA, the Libra scandal continues to make waves in the world of cryptocurrency. The current judicial investigations could reveal new elements behind the scenes of this case, while investors are still looking to recover their losses. For the President in office, this OA decision is a victory, but it does not end the legal and political challenges linked to its controversial Libra promotion.