Argentine President Javier Milei has been exonerated of any misconduct related to his promotion of the LIBRA memecoin back in February. A resolution released by the country’s anti-corruption office asserted that Milei was acting “as an economist rather than a government official” when he shared details about LIBRA on social media.

Highlights:

• Javier Milei was found not guilty of unethical behavior concerning his LIBRA promotion.
• The resolution finalized on Friday stated he spoke as an economist.
• Following Milei’s endorsement, LIBRA experienced a massive rise to approximately $4.5 billion in market capitalization.

According to the report from the Buenos Aires Herald, the anti-corruption office concluded that the president’s personal account, which was previously created, predates his election as president and his previous term as deputy. During the promotion, he described LIBRA as a means for small and medium-sized firms in Argentina to secure funding.

However, he later deleted the post, citing ignorance about the project’s details at that time. This led to a significant decline in LIBRA’s market value, with reported losses reaching over $4 billion as the token plummeted by 90% shortly after his endorsement.

The aftermath saw 86% of traders losing a cumulative total of $251 million, while some managed to gain $180 million. Moreover, revelations surfaced about LIBRA’s co-creator, Hayden Davis, who claimed to have leveraged his influence over Milei due to financial interactions with Karina Milei, the president’s sister and a significant player in his administration.

Read more: Milei Closes Down LIBRA Investigative Unit

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