MercoPress. South Atlantic News Agency

Milei takes full responsibility for $LIBRA scandal

“I got a slap in the face,” Milei reckoned

Weathering the storm against all odds, Argentine President Javier Milei blamed nobody and took full responsibility for his mistake in the so-called “cryptocurrency” scandal in which he endorsed the $LIBRA asset only to see it lose over 95% of its value in just a few hours after the head of state's posting. “I got a slap in the face,” he reckoned. It had been speculated that Milei was to blame an advisor for his or her poor judgment and then sack him or her as a scapegoat.

“I did not make any mistake, I acted in good faith,” he further told Jonatan Viale in a TV interview during which he admitted to being blindsided by the scammers. “I have nothing to hide and I have no problem in showing my face,” he added. He also claimed the case would not damage his global credibility, particularly after he deleted his posting to avoid further confusion. In Milei's view, those who invested in $LIBRA did so voluntarily. He added most of them were either Chinese or US nationals and only about 5% of them were Argentines. The President also underlined that the incident cost the Argentine State “zero.”

The President also acknowledged that his actions needed to be more carefully reviewed in the future. “I have something to learn from this. When I assumed the presidency, I continued to be the same as always, I was approached in the same way as when I was not president. This shows me that I have to lift the filters and that it cannot be so easy to reach me.”

He also rebuked criticism from former President Cristina Fernández de Kirchner's (CFK) by recalling her past obscure deeds, for some of which she has been convicted in court. However, the opposition Unión por la Patria (UxP) bloc intends to have him impeached. “They are nervous because the polls give them very low results,” Milei contended.

“They know that if this government does well, they will not come back,” he stressed. CFK “is the real swindler and a whore,” Milei went on to say before assuring that by Dec. 31, 2025, there would be no more exchange rate stocks in the country. “There is no greater swindle in Argentina than Kirchnerism.”

“I am not afraid of being overthrown. The real Ponzi [scheme] in Argentina took us to 60% of poverty. With the economy growing and inflation at 1% they know they can't win. They are going to defend the status quo,” he also pointed out.

In addition, numerous criminal charges were filed against him both in Argentina and in the United States. “Sooner or later, the foam will fall over and the truth will be revealed: how low and miserable traditional politics is,” Milei argued.

Milei said he met Hayden Mark Davis, the creator of $LIBRA, in October 2024 at the Casa Rosada: “He made me the proposal of setting up a structure to finance entrepreneurs who, due to a matter of informality, do not have to finance themselves.”