According to the recent decision of the Anti-Corruption Office of Argentina, Javier Milei, the president of the nation, didn’t breach any of his presidential duties when he promoted Libra memecoin.
It is worth noting that Javier was acting in a personal capacity when he endorsed the Libra token in a post on February 14, as stated in the Anti-Corruption Office’s June 5, 2025, resolution.
After the investigation, the ACO clarified that Milei has not violated any federal law or ethics for public officials. However, his endorsement of Libra was largely criticized by leaders of opposition parties and blamed for the losses faced by investors.
It is noteworthy that, following the endorsement from Milei, the market capitalization of Libra memecoin ballooned to $4 billion, yet a few hours later, a decline of 94% resulted in losses of over $251 million.
At a broader level, the Libra token was considered similar to a classic pump and dump and was valued at millions of dollars. Also, the Department of Anti-Corruption has confirmed that no public resource was used in the following incident.
The Anti-Corruption Department document said in Spanish, “ 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 Department of Anti-Corruption argued, stating that the president was exercising his civil and political rights under the constitution of Argentina, “ These characteristics of the personal account on the social network X are typical of any citizen who publicly expresses their political ideas.”
A quick brief of Libra memecoin
Libra memecoin was launched on February 14, 2025, on the Solana blockchain, and was initially promoted by Javier Milei, the Argentine, as a tool to fund nations’ small business growth and economic development.
Libra was reportedly developed by Kelsier Ventures, led by Hayden Mark Davis; the token grew to over $2 billion in market capitalization soon after the endorsement of Javier.
However, after a few hours, it lost around 94%, resulting in severe losses of over $250 million, and an insider withdrawal of $99 to $107 million was observed.
As per the data available on blockchain, some suspicious wallet activities have been observed at the time of failure, and around 86% suffered massive losses.
Some short-term failures of Libra have affected the reputation of the Solana blockchain, raising severe questions over its credibility and relevancy. A seizure of $58 million in USDC was also reported by the U.S Court.
Crypto market price updates
When writing, the crypto market cap was $3.29 trillion, and the trading volume was $91.1 billion, and at the same time, the crypto fear and greed index was at 55, indicating neutrality.
Bitcoin is currently priced at $105,558, Ethereum is still tumbling below the mark of $2,600 and is now trading at $2,485, and Solana is at $150.35.
According to the data from CoinMarketCap, the intraday gainers list has been ruled by Kaia, AB, SPX6900, Fartcoin, Raydium, Internet Computer, Quant, XDC Network, Dogwifhat, and Bonk.
