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Argentina anti-corruption office clears Javier Milei in Libra crypto promotion scandal

By Zack Abrams

Policy • June 7, 2025, 7:08PM EDT

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The Block

Quick Take

A formal ethics probe launched by Argentinian President Javier Milei to investigate his own promotion of a cryptocurrency called Libra has cleared Milei of violating public ethics rules.

The probe concluded that Milei’s post, which came from his personal account, did not rise to the level of official government activity or endorsement.

A separate federal criminal court has an ongoing investigation into the scandal, dubbed “Cryptogate” by local media.

Argetina's Anti-Corruption Office (OA) said that the country's President, Javier Milei, was acting in a personal capacity when he promoted the Libra ($LIBRA) cryptocurrency, which dramatically rose and fell in a widely-publicized event in February, thus concluding he did not break the country's public ethics laws.

Milei originally promoted the Libra cryptocurrency from his personal X account as a way to support small businesses and startups in Argentina, but deleted the post after the token crashed 90% from its top market cap of over $2 billion. The resulting scandal, dubbed "Cryptogate" by local media, led to calls for Milei's impeachment by opposition political figures and spurred lawsuits from lawyers in the country, representing investors who lost money.