Cette page est uniquement destinée à des fins d'information. Certains services et fonctionnalités peuvent ne pas être disponibles dans votre juridiction.

Argentina’s Libra Crypto Scandal: Javier Milei Cleared, But Questions Remain

Argentina’s Libra Crypto Scandal: Javier Milei Cleared, But Questions Remain

The Rise and Fall of Libra Token

In February 2025, the Libra cryptocurrency, launched by Delaware-based Kelsier Ventures under the project “Viva La Libertad,” experienced a meteoric rise followed by a dramatic collapse. Promoted by Argentine President Javier Milei on his personal X account, the token surged from near-zero to $5 per unit within minutes, reaching a market capitalization of $4.5 billion. However, the excitement was short-lived. Founders controlling 70% of the token’s supply liquidated their holdings at peak prices, triggering an 85% crash and leaving investors with losses estimated between $100 million and $250 million.

Milei’s Role: Cleared of Ethical Violations

Argentina’s Anti-Corruption Office (OA) recently concluded its investigation into Milei’s involvement in the Libra scandal. The OA determined that Milei acted in a personal capacity when promoting the token and did not misuse public resources or violate federal ethics laws. According to the OA, Milei’s X account has functioned as a platform for personal and political expression since 2015, predating his presidency. The report emphasized that his endorsement of Libra was not connected to official government policy.

“Although the account sometimes references public policies or decisions from his administration, it does so in a non-institutional manner, functioning as a platform for political and personal expression,” the OA stated.

Ongoing Criminal Investigation

Despite the OA’s findings, a federal criminal investigation into the Libra scandal remains active. Authorities are examining whether Milei’s promotion of the token involved securities law violations or market manipulation. This investigation operates independently of the ethics review and could yield different conclusions.

Critics argue that the initial probe lacked thoroughness. Economist and opposition lawmaker Itai Hagman stated, “It was always a fake; they never dared to investigate anything at all, and they’re covering each other up because they’re completely up to their necks in it.”

Political Fallout and Public Trust

The Libra scandal has had significant political repercussions for Milei. Polling data from Zuban Córdoba in March 2025 revealed that the incident negatively impacted Milei’s approval rating, which dropped from 47.3% in November 2024 to 41.6% in March 2025. Many Argentinians expressed doubts about whether public figures should endorse cryptocurrencies, especially given the financial losses suffered by everyday investors.

Broader Implications for Argentina’s Crypto Ecosystem

Argentina has long been a hub for cryptocurrency adoption, driven by economic instability and distrust in traditional banking systems. In 2022, nearly 5 million Argentinians held digital assets as a hedge against inflation and currency devaluation. However, the Libra scandal has exposed vulnerabilities in the country’s crypto ecosystem, highlighting the need for stronger regulatory frameworks.

The challenge now is twofold: restoring public trust and building a healthier, more transparent crypto environment. While Milei’s hyper-liberal economic policies have championed deregulation, many Argentinians are calling for safeguards to protect investors from similar incidents in the future.

What’s Next for Libra and Milei?

The Libra controversy is far from over. Legal troubles continue to unfold, with a class-action lawsuit involving plaintiffs from Argentina, the United States, and the United Kingdom progressing through the courts. Additionally, Circle, the issuer of the USDC stablecoin, recently froze two wallets linked to Libra’s founders, holding over $58 million, following a U.S. court order.

For Milei, the scandal represents a critical test of his leadership and credibility. While the OA’s decision may provide temporary relief, the ongoing criminal investigation and public scrutiny ensure that the story is far from concluded. As Argentina navigates its crypto future, the Libra case serves as a cautionary tale about the risks of unregulated digital assets and the responsibilities of public figures in promoting them.

Avis de non-responsabilité
Ce contenu est uniquement fourni à titre d’information et peut concerner des produits indisponibles dans votre région. Il n’est pas destiné à fournir (i) un conseil en investissement ou une recommandation d’investissement ; (ii) une offre ou une sollicitation d’achat, de vente ou de détention de cryptos/d’actifs numériques ; ou (iii) un conseil financier, comptable, juridique ou fiscal. La détention d’actifs numérique/de crypto, y compris les stablecoins comporte un degré élevé de risque, et ces derniers peuvent fluctuer considérablement. Évaluez attentivement votre situation financière pour déterminer si vous êtes en mesure de détenir des cryptos/actifs numériques ou de vous livrer à des activités de trading. Demandez conseil auprès de votre expert juridique, fiscal ou en investissement pour toute question portant sur votre situation personnelle. Les informations (y compris les données sur les marchés, les analyses de données et les informations statistiques, le cas échéant) exposées dans la présente publication sont fournies à titre d’information générale uniquement. Bien que toutes les précautions raisonnables aient été prises lors de la préparation des présents graphiques et données, nous n’assumons aucune responsabilité quant aux erreurs relatives à des faits ou à des omissions exprimées aux présentes.© 2025 OKX. Le présent article peut être reproduit ou distribué intégralement, ou des extraits de 100 mots ou moins du présent article peuvent être utilisés, à condition que ledit usage ne soit pas commercial. Toute reproduction ou distribution de l’intégralité de l’article doit également indiquer de manière évidente : « Cet article est © 2025 OKX et est utilisé avec autorisation. » Les extraits autorisés doivent être liés au nom de l’article et comporter l’attribution suivante : « Nom de l’article, [nom de l’auteur le cas échéant], © 2025 OKX. » Certains contenus peuvent être générés par ou à l'aide d’outils d'intelligence artificielle (IA). Aucune œuvre dérivée ou autre utilisation de cet article n’est autorisée.

Articles connexes

Afficher plus
thumbnail:doge-supera-o-mercado-apos-o-tweet-de-elon-musk-da-tesla
Trending token
Memecoins

What is Elon Coin?

Dogelon Mars, commonly referred to by its ticker symbol ELON, is a meme-based cryptocurrency that emerged in the wake of Dogecoin's popularity. Launched in April 2021, it combines themes from Dogecoin and entrepreneur Elon Musk's vision of space exploration, particularly the colonization of Mars. The project's name reflects this blend, aiming to capture the imagination of the crypto community.
23 juil. 2025
6
trends_flux2
Altcoin
Trending token

Cumberland’s Ethereum Accumulation: Institutional Moves, Market Impacts, and Regulatory Challenges

Cumberland Binance ETH: Institutional Insights and Market Dynamics Cumberland’s Role as a Market Maker and Liquidity Provider in the Crypto Ecosystem Cumberland, a leading institutional player in the cryptocurrency space, has solidified its position as a key market maker and liquidity provider. By facilitating large-scale transactions and stabilizing token prices, Cumberland plays a pivotal role in ensuring the smooth functioning of crypto markets. Its activities often serve as a bellwether for institutional sentiment, making it a focal point for analysts and traders.
23 juil. 2025
trends_flux2
Altcoin
Trending token

JPMorgan’s Blockchain-Based Deposit Token: A Game-Changer for Institutional Finance

Introduction: JPMorgan’s Bold Step into Blockchain-Based Finance JPMorgan Chase, one of the world’s largest financial institutions, has unveiled its latest innovation: a blockchain-based deposit token called JPMD. This groundbreaking initiative represents a significant milestone in the integration of traditional banking systems with blockchain technology. Unlike stablecoins, JPMD is designed exclusively for institutional clients, offering faster settlement times, regulatory compliance, and interest-bearing capabilities. This article explores the implications of JPMD, its unique features, and its potential impact on the global financial system.
23 juil. 2025