Anti-Corruption Office clears Milei of responsibility in ‘cryptogate’ scandal

The National Anti-Corruption Office (OA), which reports to Justice Minister Mariano Cúneo Libarona, has ruled that President Javier Milei did not “violate” the Public Ethics Law by “promoting” the ;$LIBRA’ memecoin.

According to the state anti-graft body, Milei “did not violate Law No. 25,188 on Ethics in the Exercise of Public Office by promoting the private project “Viva la Libertad Project" on February 14, 2025, through his personal account on the social network X @JMilei.”

The argument used in the ruling is the same one deployed by Milei himself and members of his entourage to defend themselves publicly. They argued the action was not taken in his capacity as President, but as a mere public citizen. Notably, the Anti-Corruption Office used the word “promotion” rather than “advertising” to refer to the event.

$LIBRA was promoted by Milei on his personal social media accounts last February 14 as a "private project" aimed at "stimulating the growth of the Argentine economy, by financing small businesses and Argentine entrepreneurs."

"The world wants to invest in Argentina. $LIBRA," he wrote.

But $LIBRA went from boom to bust all in the space of an evening. After Milei’s apparent thumbs-up, it soared in value but then plummeted 90 percent within two hours. 

Industry experts have called the operation a "rug pull" – a scam where developers unveil a crypto token, attract investors, then quickly cash out.

The President later claimed he "did not know the details of the project."

“I have nothing to hide ... I didn't promote it, I spread” awareness of it, Milei said at the time, attempting to play down his role in the scandal.

An investigation into the head of state’s role, and that of Presidential Chief-of-Staff Karina Milei, is lodged with the federal courts.

Last month, Federal Prosecutor Eduardo Taiano requested reports on telephone lines that are or have been in the name of the Milei brothers and three others under investigation in the $LIBRA case: Sergio Morales, Manuel Terrones Godoy and Mauricio Novelli.

– TIMES/NA