Argentine President Milei Cleared in Cryptocurrency Investigation After Deleting Promotion

Argentine President Javier Milei has been cleared of any wrongdoing in an investigation concerning a cryptocurrency he promoted, which subsequently saw its value plummet after he deleted social media endorsements.

Prosecutors confirmed the closure of the preliminary investigation, citing a lack of sufficient evidence to substantiate allegations of fraud. The case centred on the 'Coinss' cryptocurrency, which lost a significant portion of its value after Mr Milei removed promotional material from his social media channels.

Mr Milei, a self-proclaimed anarcho-capitalist, had publicly denied acting fraudulently, maintaining his innocence throughout the brief inquiry. His involvement with the cryptocurrency raised questions about the intersection of political endorsement and volatile financial markets, particularly given his vocal advocacy for digital currencies and decentralised finance.

The rapid collapse of Coinss and the subsequent investigation underscore the inherent risks associated with unregulated digital assets, especially when public figures lend their platforms to their promotion.