Argentine President Cleared in Crypto Promotion Scandal

Argentina’s President Javier Milei has been cleared of any wrongdoing in the $LIBRA crypto promotion scandal following an investigation by the Argentine anti-corruption office, announced on May 20, 2025.

The clearance comes despite the scandal causing significant financial losses and legal actions, underlining Argentina’s ongoing challenges with crypto regulation. It marks a significant moment in Milei’s presidency.

$LIBRA Crypto Probe Ends: Milei Cleared

The scandal centered around President Javier Milei’s promotion of the $LIBRA token. His enthusiasm led to a rapid price surge and subsequent crash. Now, the Argentine anti-corruption office has concluded its probe, clearing Milei.

Individuals involved included Milei’s sister, Karina, and Hayden Davis, CEO of Kelsier Ventures, who faces scrutiny over alleged fund mismanagement. The event caused investor concern and initiated numerous fraud complaints.

$250 Million Losses Ignite Legal Actions

The $LIBRA incident resulted in estimated losses exceeding $250 million for investors. This has sparked extensive legal actions and raised questions about the ethical promotion of financial products by public officials.

Market analysts point to classic “rug pull” dynamics, noting significant fund concentration in few addresses. Regulatory bodies face challenges in addressing potential insider activities in such cases. Investors remain wary of similar schemes.

Crypto Scandal Spurs Calls for Tighter Regulations

Comparisons have been drawn with previous crypto “rug pull” schemes, where public figures influenced market prices. The $LIBRA scandal is one of the notable crypto-political controversies in Argentina.

Insights from Kanalcoin suggest that such scandals could lead to tighter regulations. Experts highlight the importance of transparency and accountability to avoid repeating past financial crises in new digital markets.

“I have nothing to hide … I didn’t promote it, I spread awareness of it.” — Javier Milei, President of Argentina.