🔸Argentinian President Milei Exonerated of Misconduct for Promotion of LIBRA: Report
Argentinian President Javier Milei has been exonerated of any irregularity regarding his promotion of the memecoin LIBRA in February.
A resolution issued on Friday by the country's anti-corruption office argued that Milei spoke "as an economist and not as a public official" when sharing information about LIBRA on the social network X (formerly Twitter). The resolution notes that his personal account was created long before his presidency.
Milei's post about this Solana-based memecoin promoted it as a project to help small and medium-sized Argentine businesses raise capital. Following his promotion, LIBRA reached a market capitalization of around 4.5 billion dollars.
However, Milei deleted the post hours later, claiming he was not aware of the project's details. After the deletion, LIBRA plummeted by 90%, losing more than 4 billion dollars in value. On-chain data revealed that 86% of traders lost a total of 251 million dollars.
To make matters worse, it was revealed that Hayden Davis, co-creator of Libra, boasted in text messages about his influence over Milei due to payments he claimed to have been making to Karina Milei, the president's sister and an influential figure in his government.
