Argentina's President Cleared in Crypto Scandal: Milei's Libra Endorsement Deemed Personal

Crypto Controversy: Milei's Social Media Boost for Libra

Hold onto your hats, crypto fans! Argentina's federal anti-corruption squad has given President Javier Milei the all-clear after he threw his weight behind the Libra token back in February. Yep, you heard that right – no shady business here, folks!

Personal Endorsement, Not Public Funds

The office spilled the beans, saying Milei's shout-out on social media was all him, no federal cash or resources involved. Just a guy expressing his personal crypto love, nothing more.

Ethics in Check, But the Heat's Still On

The anti-corruption watchdogs, who report to a government ministry, gave Milei's X post the green light, saying it didn't break any federal ethics rules for public officials. But hold up – there's still a federal criminal court digging into this whole mess, so the story's far from over.

Libra's Launch and Milei's Stamp of Approval

Remember that "Viva La Libertad" (Long Live Freedom) project? That's where Kelsier Ventures, a Delaware-based crew, dropped the Libra (LIBRA) token on Valentine's Day. And guess what? Within minutes, President Milei was all over it on his X account, giving it the presidential nod.

Blockchain Dreams for Argentina's Economy

Milei didn't just stop at a shout-out. He went all in, calling Libra a game-changer for Argentina's economic growth. His vision? Using blockchain tech to pump private cash into startups and small businesses, giving them the boost they need.

Milei's Crypto Gospel: The Details

The prez didn't hold back, labeling Libra a legit private economic move and even dropping the token's blockchain contract address for all to see. Talk about putting your money where your mouth is!

Libra's Wild Ride: From Zero to Hero and Back

Buckle up, because Libra's price went from nada to $5 a pop in just 40 minutes. And get this – it hit a mind-blowing $4.5 billion market cap at its peak. But like all good things, the party didn't last.

The Crash: Founders Cash Out, Investors Left in the Dust

The founders, holding a whopping 70% of the tokens, pulled the rug out from under everyone, selling at the top. The result? An 85% price nosedive in hours, leaving investors reeling with losses between $100 million and $250 million. Ouch!

Milei's Defense: Raising Awareness, Not Pushing Investment

Milei's not backing down, insisting his social media moves were all about spreading the word on crypto's potential to lift Argentine businesses. He's sticking to his guns, saying his posts came after meeting Libra's founders and were just his personal take on things.

Ethics in the Clear, But Criminal Charges Loom

The anti-corruption office's verdict? Milei's personal social media use didn't cross any ethical lines. But don't pop the champagne yet – that ongoing federal criminal probe is still sniffing around, looking at everything from securities law to market manipulation. Remember, criminal courts play by their own rules, so we might see a whole different ball game.