Libra Endorsement Deemed Personal Initiative
According to the agency’s report, Milei’s social media post supporting the token Libra was classified as a personal act, not an official government policy or administrative measure. The OA emphasized that the publication did not involve the use of state resources, budgetary expenditures, or institutional backing, and should be regarded as an individual communication.
“Milei’s promotional post, unconnected to any administrative act or state resources, was a private action. It did not result in any official public policy decisions,” the OA noted.
On June 6, 2025, ALEX Protocol was exploited via a flaw in the self-listing verification logic (an on-chain limitation on Stacks). As a result, the attacker drained several asset pools, with the breakdown of lost assets as follows:
— ALEX 🟧 No. 1 Bitcoin DeFi (@ALEXLabBTC) June 6, 2025
STX: 8,403,867.57 STX → $ 5,691,255.93
sBTC:…
President Milei’s support for Libra in February 2025 was positioned as a move to help small businesses. However, the post was later deleted after the token’s market cap plummeted by 99% from its peak of $4.5 billion. The scandal, dubbed “cryptogate” by local media, triggered criticism from opposition figures and sparked collective lawsuits from investors.
The OA report reiterates that the president’s actions involved no use of administrative leverage or public funds, nor did they constitute official policy. As a result, no sanctions or accusations are being brought against Milei by the agency.
#CertiKInsight 🚨
— CertiK Alert (@CertiKAlert) May 14, 2024
We have seen a suspicious transaction affecting @ALEXLabBTC
Initial evidence points to a possible private key compromise.
Deployer of 0xb3955302E58FFFdf2da247E999Cd9755f652b13b upgrades to a suspicious implementation.
In total ~$4.3m worth of assets have… pic.twitter.com/02kiw2dFrm
Criminal Investigation Still Ongoing
Although the administrative case has been closed, a criminal investigation into the so-called “cryptogate” scandal continues. One key figure is Hayden Davis, reportedly connected to the Libra project and first linked to Milei in January 2025. Davis’s wallets, containing $57.6 million USDC, were frozen by Circle at the order of a U.S. court.
A separate class action lawsuit, filed in Argentina, the U.S., and the UK, is also ongoing. Milei’s representatives maintain that the president has no connection to the token’s developers and cannot be held liable for their actions.
Notably, President Milei previously dissolved the task force investigating the LIBRA collapse.