Anti-Corruption Office Clears President Milei in Libra token Controversy
Argentina’s federal anti-corruption authority has given President Javier Milei a clean bill of health regarding his support for the Libra cryptocurrency token. The office confirmed that Milei’s social media endorsement was personal and did not use federal resources.
The anti-corruption office, part of a government ministry, found no ethics violations in Milei’s X post promoting Libra. Though, a federal criminal court inquiry is still underway.
The Libra controversy began when Kelsier Ventures launched the token on February 14. Milei quickly shared it on his X account, describing it as a way to boost the economy. The token’s price soared to $5 within minutes, reaching a market cap of $4.5 billion. But the founders, who owned 70% of the tokens, sold their holdings at peak prices, causing an 85% price drop and potential losses of $100-250 million. Milei’s post was part of the “Viva La Libertad” project. He saw it as a tool for economic growth. The token’s price spiked but then crashed after the founders sold their shares. Milei insists his posts were about raising awareness, not investment advice.
Milei’s support stemmed from a meeting with Libra’s creators. He shared the blockchain contract address, viewing it as a private economic venture. The anti-corruption office ruled his actions didn’t breach public ethics laws. Yet, a criminal investigation continues, focusing on securities law and market manipulation.
- Libra was introduced by Kelsier Ventures.
- Price surged to $5, then plummeted.
- Anti-corruption office cleared him of misconduct.
The criminal probe looks at different aspects,like securities law and market manipulation. The office concluded personal social media use isn’t misuse of government resources. The criminal court’s findings may differ.
for more on the Libra token, visit libra’s website.
