Javier Milei on LIBRA Token: ‘I Didn’t Promote It, Just Shared It’

Milei later deleted the post. Critics blame him for promoting the token, which soared in value before crashing.

An investigation has been launched in Argentina following more than 100 complaints, including from U.S. courts, Reuters reported. Some representatives of the opposition are threatening Milei with impeachment. 

Meanwhile, Milei shared his side of the story. 

How Javier Milei’s Post on X Turned Into a Fraud Case?

Milei, now at the center of political pressure over the memecoin scandal, has shared his side of the story.

A few hours after his original post about LIBRA – now deleted – Milei wrote on X that he had no ties to the token and had just shared information. In a follow-up post, he said he took down the post after learning more about the project. 

A few hours ago I posted a tweet, as I have so many other times, supporting a supposed private enterprise with which I obviously have no connection whatsoever.

I was not aware of the details of the project and after having become aware of it I decided not to continue spreading the word (that is why I deleted the tweet)

– he wrote.

In a separate post, the Presidential Office shared more details about LIBRA’s backstory.

It began in October 2024 when Milei met with tech founders Mauricio Novelli and Julian Peh, advisors to Kelsier Ventures and Kip Protocol – companies behind LIBRA. 

According to the Oficina del Presidente, Milei was informed about their plan to launch “Viva la Libertad”, a blockchain-based project to fund private ventures in Argentina.

In January, he also met with Hayden Mark Davis to discuss LIBRA’s tech infrastructure. The Office stated that Milei shared the post as he does with other projects aiming to create jobs and attract investments.

They emphasized that Milei wasn’t involved in LIBRA’s development and deleted the post after the controversy to avoid speculation.

To address the situation, Milei has set up an Investigation Task Unit (UTI) to look into LIBRA’s launch. The findings will be handed to the courts to determine if any crimes were committed.

Who’s to Blame for the LIBRA Crash?

Argentina’s federal prosecutors claim that over 40,000 investors lost money due to the LIBRA token crash. However, Milei states the actual number is closer to 5,000.

In an interview with journalist Jonathan Viale, Milei said he acted in good faith.

Despite Milei’s claims, not everyone is convinced. Crypto analyst Kaleo responded to his clarification post on X, saying, “You knew exactly what you were doing. Absolutely disgusting”.

In this light, the attempt to downplay the number of people affected also looks like Milei's unwillingness to accept real responsibility for what happened. 

Journalist Ramio Gambola asked why Milei promoted LIBRA from his presidential account if he had no involvement with the token.

Questions remain unanswered, though some, including TRON founder Justin Sun and Argentine Chamber of Deputies member Facundo Correa Llano, have expressed their support for the government. Justin Sun emphasized the need to protect investors and return funds to the victims.

The debate over who’s truly to blame for the LIBRA crash continues, with many still questioning the situation.

Recently, traders tried to boost the price again, but LIBRA is still down 57% from its all-time high. Given the current state of affairs, it seems unlikely that LIBRA will achieve long-term success. 

Related: LIBRA Token Scandal: Did Argentina’s President Milei Back a Meme Coin?