Argentine President Milei Cleared of Wrongdoing in LIBRA Memecoin Case
Argentine President Javier Milei was cleared of ethical misconduct regarding his promotion of the LIBRA memecoin in February, according to a resolution from the anti-corruption office. Key points include:
- The office stated Milei spoke as an economist, not a public official.
- Milei's personal account existed prior to his presidency.
- LIBRA was promoted as a means for small and medium-sized companies in Argentina to raise capital, reaching a market cap of around $4.5 billion.
- After promoting LIBRA, he deleted the post hours later, unaware of the project's details.
- Following the deletion, LIBRA lost 90% of its value, totaling over $4 billion in losses.
- Investors suffered a total loss of $251 million, with only $180 million secured in profits by others.
- Issues arose when it was revealed that LIBRA's co-creator had been making payments to Milei's sister, suggesting potential influence.