No Bribes, No Ethics Violations: Argentina Defends Milei Amid $LIBRA Crypto Collapse

The Argentine government has firmly denied allegations of bribery or ethical misconduct in the $LIBRA cryptocurrency crash that has cast a shadow over President Javier Milei.

Presidential spokesperson Manuel Adorni called the accusations “insulting” and insisted no government officials violated public ethics. The administration insists that Milei’s promotion of $LIBRA was based on good faith and entrepreneurial optimism.

They deny any intent to defraud investors. The controversy erupted after Milei endorsed $LIBRA on social media, touting it as a tool to support small businesses and stimulate Argentina’s economy.

His post caused the cryptocurrency’s value to skyrocket briefly before crashing by over 90%, leaving thousands of investors with heavy losses.

Critics accused Milei of enabling a fraudulent “pump-and-dump” scheme, but the government argues that the president himself may have been misled about the project’s integrity.

The incident raises broader questions about whether Milei should be held accountable for endorsing a product in the volatile cryptocurrency market, often likened to a financial “casino.”

Milei’s $LIBRA Endorsement

Cryptocurrencies are inherently speculative, with values driven by hype, sentiment, and market manipulation rather than traditional economic fundamentals. Experts note that even seasoned investors face risks in this unregulated space, making it challenging to attribute blame solely to an endorsement.

Milei’s defenders argue that his promotion of $LIBRA aligns with his libertarian philosophy of supporting private ventures and innovation. They claim he lacked insider knowledge about the project’s potential collapse.

He acted in line with his broader goal of attracting investment to Argentina. However, critics counter that as a public official, Milei had a duty to exercise greater caution when using his platform to promote financial products.

The fallout has sparked legal complaints and calls for impeachment from opposition leaders, who accuse Milei of violating Argentina’s Public Ethics Law by endorsing a private enterprise.

While investigations by the Anti-Corruption Office are ongoing, the case underscores the risks public figures face when engaging with speculative markets.

Whether Milei bears responsibility for $LIBRA’s collapse remains a contentious issue, but it highlights the blurred lines between political influence and financial accountability in an era of digital assets.