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Argentina's President Milei clears suspicions of fraud regarding Libra Token: Report | CoinDesk JAPAN
President Javier Milei of Argentina has been cleared of allegations of misconduct regarding the promotion of the meme coin Libra in February, according to a report by Buenos Aires Herald on June 7.
According to the announcement made by the country's anti-corruption agency on the 6th, when the president shared information about Libra on X, it was determined that he was "speaking as an economist, not in his capacity as a public official."
The resolution signed by Alejandro Melik, the official in charge, states that the president's personal account "was already created before being elected president and even before the previous vice president's term began."
In President Milei's post, the Solana-based meme coin Libra was introduced as a "project to support funding for small and medium-sized enterprises in Argentina." Subsequently, the market capitalization of Libra surged to approximately $4.5 billion (about ¥652.5 billion, based on an exchange rate of 1 dollar = 145 yen).
He stated that he deleted the post a few hours later and promoted it without understanding the project details. Following the sell-off, Libra plummeted by 90%, resulting in a loss of value exceeding $4 billion (approximately ¥580 billion).
According to on-chain data from Nansen, 86% of traders incurred a total loss of $251 million (approximately 36.395 billion yen), while the remaining secured a profit of $180 million (approximately 26.1 billion yen).
Furthermore, it has been revealed that Hayden Davis, the co-founder of Libra, boasted about his influence due to financial payments made to Karina Milei, the president's sister, who holds significant power within the government.