Milei Cleared. But the Libra Scandal Still Sticks

Argentina’s President Javier Milei has been officially cleared of ethical misconduct in connection with the Libra (LIBRA) cryptocurrency scandal, following a formal investigation by Argentina’s Anti-Corruption Office (OA).

While the OA found no misuse of public office, the political firestorm dubbed “Cryptogate” is far from over.

President Milei Cleared of Ethical Misconduct

In its final report, the OA concluded that President Javier Milei did not violate public ethics rules when he promoted the Libra (LIBRA) coin on his personal X account in February 2025. 

The agency emphasized that the promotion was not part of any official state policy, and no public funds were used.

Libra Token Collapse Sparked Investor Backlash

Following Milei’s Libra endorsement, the token surged to a $2 billion market cap before crashing by more than 90% within days.

The crash led to widespread investor losses and accusations that Milei’s Libra post misled the public. 

Local media quickly dubbed the fallout “Cryptogate,” sparking calls for Milei’s impeachment and a wave of civil lawsuits.

Legal Investigations Still Ongoing

Although the OA has wrapped up its ethics investigation, legal troubles around Milei and the Libra project are far from over.

A federal judge in Argentina has requested bank records belonging to Milei and his sister, who allegedly had contact with Libra co-founder Hayden Davis.

An international class action lawsuit involving investors from Argentina, the United States, and the United Kingdom is still pending. 

In a related move, stablecoin issuer Circle froze two wallets containing $58 million in USDC linked to Davis, following a U.S. court order.

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