Argentina Drops Criminal Probe Into President Milei Over LIBRA Memecoin Crash

Argentine prosecutors have dropped a criminal investigation into President Javier Milei connected to the dramatic collapse of the LIBRA memecoin, closing one of the most politically charged legal cases to emerge from the global cryptocurrency boom. The probe had centered on whether Milei bore any responsibility for losses suffered by investors after the token's value cratered following a brief but intense period of hype.

The LIBRA token became a flashpoint earlier this year when Milei promoted it publicly, drawing a flood of retail investors before the coin's price collapsed, wiping out significant sums for thousands of holders. Critics accused the Argentine leader of either negligence or complicity in what many observers described as a classic pump-and-dump scheme, allegations the president firmly denied.

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Prosecutors ultimately determined there was insufficient evidence to pursue criminal charges against Milei personally, a decision that delivers a meaningful political reprieve to the libertarian president as he continues to push sweeping economic reforms across Argentina. The closure of the probe does not necessarily preclude civil actions or future investigations should new evidence surface.

The episode highlighted the growing intersection of political power and speculative digital assets, raising broader questions about the accountability of public figures who use their platforms to promote volatile tokens. Regulatory bodies in multiple countries have been watching the case closely as they weigh how to govern celebrity and political endorsements of cryptocurrencies.

Milei's government has not yet issued a detailed statement following the prosecutors' decision. Continue reading at CoinDesk.