In February 2025, Argentina experienced an unprecedented episode: its president, Javier Milei, promoted a crypto called $LIBRA on X. A few hours later, the price collapsed, leaving thousands of investors stranded and losses estimated at $400 million. A parliamentary commission has just concluded that “ suspected scam “.
In brief
- An Argentine parliamentary report concludes that there was “alleged fraud” in the promotion of the $LIBRA crypto by Javier Milei.
- Milei's allies reject the report as a political maneuver and “idiocy”, while the opposition demands accountability.
- The $LIBRA affair raises questions about the risks of opaque crypto launches and the influence of public officials in promoting them.
Parliamentary report: Javier Milei accused of fraud in the $LIBRA affair
The commission of inquiry, chaired by the opposition, delivered its verdict on November 19, 2025: the facts analyzed in the $LIBRA affair are compatible with a scam. According to the report, Javier Milei and his sister, Karina Milei, wear a “ political responsibility » in this crypto scandal. The deputies emphasize that the presidential promotion served as a catalyst for a “ rug sweater ”, a scam where developers abandon a project after attracting funds.
On February 14, 2025, Javier Milei shared an enthusiastic message on X, praising the $LIBRA crypto as a tool to finance Argentine SMEs. Within hours, tens of thousands of investors, many of them individuals, had purchased the token. Then the price collapsed, causing colossal losses. Milei then claimed not to know the details of the project. But dozens of complaints were filed, centralized under the authority of a judge and a prosecutor.
The report highlights the misuse of presidential influence to promote a speculative asset, as well as the lack of transparency surrounding the crypto project. The conclusions were sent to the courts, which will have to determine whether prosecution is possible.
A report “ null » and politicized? The counterattack of Milei's supporters
As soon as the report on the $LIBRA crypto was published, supporters of Javier Milei cried conspiracy. For them, this investigation is only a political maneuver aimed at weakening the president before the next elections. The majority deputies boycotted the work of the commission, denouncing a report “ null ” And ” jester “, according to the terms used during parliamentary debates.
Those close to Milei recall that the president did not directly benefit from $LIBRA and that his promotion to communication error “. Really ? They accuse the Peronist opposition of using justice to discredit a government that is shaking up the establishment.
$LIBRA, bitcoin and the risks of crypto launches: between fishing and rug pull
The $LIBRA affair is a reminder of the dangers of opaque crypto launches. Unlike bitcoin (BTC), whose transparency and decentralization have built long-term credibility, $LIBRA was launched without an independent audit, with a presidential promotion that served as bait to attract uninformed investors. Result: an immediate collapse after an organized “pump and dump”.
The risks are multiple.
- Fishing, which consists of using authority figures to legitimize questionable crypto projects;
- Rug pull refers to a scam where developers abandon a project after receiving the funds.
In both cases, investors are the first victims. Users must therefore be extra careful with crypto projects promoted by influencers or politicians, especially in the absence of transparency.
The $LIBRA affair therefore poses a crucial question: how far can the responsibility of public figures go in the promotion of risky financial assets? While the Argentine justice system continues its investigations, this Javier Milei crypto scandal could inspire stricter regulations elsewhere in the world. In your opinion, should politicians be prohibited from promoting cryptocurrencies?
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