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What started as a single social media post turned into a financial rollercoaster for thousands of investors and a political headache for Argentina’s president. When Javier Milei tweeted his support for a new meme coin called LIBRA, many saw it as a bold move. Others saw red flags.
The LIBRA Promotion went viral, crypto prices exploded… and then came the crash. Now, after months of backlash, investigations, and courtroom drama, Milei has officially been cleared, but the controversy is far from over.
LIBRA Promotion Turns Messy as Prices Drop and Legal Smoke Clears
What began as an off-the-cuff tweet quickly spun into a crypto wildfire, and then flashed out. When Argentina’s new president, Javier Milei, publicly backed a Solana-based memecoin, that LIBRA Promotion didn’t just ripple through markets, it exploded.
Prices skyrocketed, investors cheered, then panic set in as the value crashed hard. Today, with Milei cleared of misconduct, the token isn’t exactly bouncing back, but it’s still trading. From June 6 to 9, LIBRA hovered in the $0.00039–$0.00045 range, tiny fractions compared to its February highs, but still alive in the marketplace.
LIBRA Promotion: From Viral Hype to Market Ripples
What started as a casual tweet from Javier Milei about the LIBRA Promotion rapidly morphed into a headline-grabbing saga. The token surged and crashed—then, following legal investigations, settled into a much calmer range. Here’s how LIBRA has been trading since Milei was cleared:
| Date | Closing Price (USD) | 24‑Hr Change |
|---|---|---|
| June 6, 2025 | $0.03604277 | +18.0 % |
| June 7, 2025 | $0.03229179 | +3.0 % |
| June 8, 2025 | $0.0299449 | –7.66 % |
| June 9, 2025 | $0.00045151 | –1.44 % |
Investigation and Legal Clarity
Cleared by the Anti-Corruption Office
On June 6, Argentina’s Anti-Corruption Office concluded its inquiry. Officials said Milei’s LIBRA Promotion did not involve public resources or official channels and therefore did not violate ethical guidelines for sitting government figures.
“President Milei’s statements were made from a personal account and reflect his views as an economist, not a public authority,” the report noted.
While this ruling absolves Milei of administrative misconduct, legal scrutiny is far from over.
Judicial Probe Continues
Federal prosecutors are still investigating whether Milei or others close to him profited from the LIBRA Promotion. Over 100 criminal complaints have been filed, ranging from alleged fraud to illegal enrichment.
A class-action lawsuit representing affected investors is also moving forward in Buenos Aires. Legal experts suggest that civil damages could exceed $50 million if wrongdoing is proven.
Market Reactions and Public Sentiment
Investors Still Fuming
Many investors believe the LIBRA Promotion misled the public. Public forums are rife with criticism:
“He leveraged his influence as president, even if unofficially. That’s unethical,” said Pablo Marquez, a crypto trader from Córdoba.
Meanwhile, the LIBRA token continues to trade at a fraction of its former value. It’s unclear if the token will recover any trust in the crypto markets.
Political Impact and Opposition Pressure
Though cleared legally, Milei’s reputation has taken a hit. Opposition lawmakers have accused the president of using “memecoins for political theatre.” A previous impeachment attempt failed but is expected to be revisited.
Some analysts, however, believe this scandal might solidify Milei’s anti-establishment image, which resonates with a sizable segment of Argentina’s population.
Conclusion
President Javier Milei’s exoneration by the Anti-Corruption Office in the LIBRA Promotion scandal may close one chapter, but others remain open. The continuing federal investigation, public anger, and potential civil liabilities suggest this issue is far from resolved.
The LIBRA case serves as a cautionary tale on the influence of political figures in the volatile world of crypto — and the blurred lines between personal expression and public responsibility.
FAQs
1. What is LIBRA?
LIBRA is a Solana-based memecoin promoted as a tool for empowering SMEs in Latin America.
2. Did President Milei profit from the LIBRA Promotion?
As of now, there is no evidence that Milei personally profited, but investigations are ongoing.
3. Is LIBRA still trading?
Yes, LIBRA is still active, currently priced at around $0.0081 as of June 9, 2025.
4. Will there be further legal consequences for Milei?
Possibly. The Anti-Corruption Office cleared him, but federal criminal investigations continue.
5. Can affected investors get their money back?
A class-action lawsuit is pending. If successful, investors could recover partial losses.
Glossary of Key Terms
LIBRA Promotion: The act of publicly endorsing the LIBRA memecoin, specifically tied to Milei’s controversial social media post.
Memecoin: A cryptocurrency often created as a joke or with a viral branding strategy, typically high-risk.
Anti-Corruption Office: An Argentine government agency that monitors ethical conduct among public officials.
Class-Action Lawsuit: A legal case where a group of people collectively bring a claim to court.
Solana: A high-performance blockchain known for fast and low-cost transactions.
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