President Milei’s Crypto Catastrophe: Ethics or Just Bad Luck?

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  • Milei cleared of ethics violations in the $LIBRA crypto circus.
  • $LIBRA token crashes 90% after Milei’s enthusiastic online shout-out. Oops! 😬
  • Meetings revealed between Milei and $LIBRA creator before the launch. Coincidence? 🤔

In a twist that could only happen in the land of tango and questionable financial decisions, President Javier Milei has been given a clean bill of health regarding his enthusiastic endorsement of the cryptocurrency Libra ($LIBRA). The Anti-Corruption Office (OA) of Argentina, after what can only be described as a thorough investigation (or a quick glance at Twitter), decided that Milei’s post was merely a casual chat with his buddy Grzála, not an official government decree. Meanwhile, the legal circus continues to juggle tokens in Argentina, the United States, and Spain.

Milei Promoted $LIBRA, Token Crashes 90% Within Hours. Surprise! 🎉

On the fateful day of February 14, a day usually reserved for love and overpriced chocolates, the president decided to promote his beloved cryptocurrency from his X account. He painted $LIBRA as the savior of small entrepreneurs, which is a bit like saying a cat can save a fish from drowning. The post included a contract number that helped users buy the token, and for a brief moment, the price soared above $5. But like a soufflé in a thunderstorm, it quickly collapsed, losing 90% of its value faster than you can say “investor panic.” Many investors were left clutching their wallets, wondering where it all went wrong.

After the crash, Milei, in a move that could only be described as “too little, too late,” deleted his post. The public was not amused. Opposition party members were quick to accuse him of pulling a fast one, and some voters even considered impeachment. In a fit of self-preservation, Milei asked the OA to investigate his actions, presumably hoping they would find that he was just misunderstood.

The OA concluded that Milei’s post was not funded by public resources and had nothing to do with government policy. So, in a shocking twist, they decided he hadn’t broken any ethical rules. It’s like being told you didn’t cheat on a test because you were just “borrowing” answers.

However, the debate rages on like a never-ending soap opera. In April, Argentina’s lower house created a commission to investigate the scandal, but the ruling party decided to play hardball and refused to vote on its members. Meanwhile, civil and criminal inquiries are still swirling around like a tornado in a trailer park in the United States, the United Kingdom, and Spain.

Milei Met $LIBRA Creator Before Token Launch. Shocking! 😲

More juicy details have emerged about Milei’s connections to the $LIBRA creators. Reports indicate he had a tête-à-tête with U.S. entrepreneur Hayden Davis before the token launched, facilitated by Argentine businessmen who probably thought they were just setting up a friendly coffee date. Sergio Morales, a former advisor for the Argentine National Securities Commission (CNV), was also in attendance, but he had to resign in March after prosecutors started asking too many questions.

The OA has now decided that Morales is the one to watch, as they investigate whether he used confidential data to give $LIBRA a leg up. If they find anything fishy, it could lead to more legal fireworks. So, while Milei may have dodged a bullet, others might not be so lucky.

Meanwhile, the cryptocurrency drama is heating up globally, with investors banding together for class-action lawsuits, claiming the promotion didn’t match their wildest dreams and left them poorer than a church mouse. These cases are still in the courts, which means the saga is far from over.

In summary, while Milei’s ethics case has wrapped up like a poorly written novel, the broader scandal continues to unfold. Investigations, lawsuits, and political chaos are still very much in play. For now, the charges against President Milei have been lifted, but the ripples of “Cryptogate” may take a while to settle, with some effects lingering like a bad smell for a year or more.

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2025-06-08 22:39