Argentine president acquitted in LIBRA token fraud case

Argentina’s anti-corruption office (OA) has found no ethical violations in the actions of President Javier Milay related to the promotion of the LIBRA meme-token. The agency recognized that the publication in X was not of an official nature and did not involve the use of state resources.

In February, the value of LIBRA surged after Miley published a link to the token’s contract, calling it a “financial innovation.” However, the asset soon collapsed by 90%, sparking a public outcry and accusations of fraud and involvement in the Pump & Dump scheme. The president later deleted the post and himself asked the OA to look into his actions.

As a result of the inspection, the agency concluded that Miley’s behavior did not violate ethical norms, and his post should be considered as a private statement. At the same time, the investigation in the court on the investors’ civil suit continues – the court has already requested data on the accounts of the president and his sister.

In parallel, three initiatives aimed at verifying the participation of officials in the promotion of LIBRA were approved in Congress. The Argentine prosecutor’s office froze about $100 million in assets related to the token, and Circle blocked $57.6 million in USDC.

U.S. media reports that the U.S. Department of Justice has also launched an investigation into LIBRA. Earlier, Miley dissolved the special group that was investigating the circumstances surrounding the project, citing the end of its powers.