Argentina President Milei Cleared in Libra Crypto Scandal

Argentina’s President Javier Milei has been officially cleared of wrongdoing in the “Cryptogate” $4.6 billion scandal. The case involved his support for the Libra crypto, which suddenly crashed after a quick rise. The Anti-Corruption Office said Milei did not break any ethics rules. Still, criminal investigations and lawsuits are ongoing. OA Investigation Revealed No Violation of Public Ethics Laws In February, President Milei promoted the Libra cryptocurrency on his personal X account, stating that the token would benefit businesses and startups in Argentina. However, the excitement was short-lived. Libra’s value fell by 95%, leading to public anger and big financial losses. Following the crash, President Milei deleted the promotional post, denying his involvement in Libra’s token scandal. However, some opposition politicians asked for Milei’s impeachment. Lawyers filed lawsuits on behalf of investors who suffered major financial losses. President Milei asked the Anti-Corruption Office to investigate his actions in response to the scandal. The OA has now released its findings. The office concluded that Milei’s promotion of Libra was made personally and not as a government action. The president did not involve public funds or official state resources. The OA said the promotional post should be seen as a private message, not an official government action. Dissolution of an Investigation Unit Raised Concerns A government investigation unit working on the case was shut down in May . This came shortly after a federal judge requested access to Milei’s and his sister’s financial records. The president’s office claimed that the unit had completed its work and had passed its findings to the public prosecutor’s office. However, this move raised concerns among critics, who believe the decision may have weakened transparency around the case. They were especially concerned because Milei’s sister had some contact with the creators of Libra , including tech entrepreneur Hayden Davis, adding more complexity to the ongoing inquiries. Libra Creators Faces Legal Trouble Even though the OA cleared President Milei, the creators of the Libra cryptocurrency are still under legal investigation. According to the OA’s report, one of them, Hayden Davis, met with President Milei on January 30. The report says that Davis had no ties to the Argentine government and was introduced by a partner company called KIP Protocol. Two wallets linked to Davis, containing $57.6 million in the stablecoin USDC, were recently frozen by Circle. This followed a court order from the U.S. District Court for the Southern District of New York. Although the administrative investigation has ended, other legal cases are still ongoing. A criminal court in Argentina is still investigating the case. At the same time, a group of investors from Argentina, the United States, and the United Kingdom has filed a class action lawsuit. They are asking for payment for the money they lost after Libra’s crash. The post Argentina President Milei Cleared in Libra Crypto Scandal appeared first on TheCoinrise.com .

Source: The Coin Rise