Argentine Court Drops $Libra Case: Judge Finds No Fraud Against President

Federal judge Marcelo Martinez de Giorgi dismissed a criminal investigation against Argentine President Javier Milei and his sister Karina Milei on October 23. The case involved the $Libra cryptocurrency, which crashed in value shortly after the president promoted it on social media.

The ruling came after prosecutors requested the case be closed. Martinez de Giorgi stated that the events "do not fall under a legal category" and that no "criminally relevant deception" had been proven. This decision ends the formal legal review of the incident that occurred in February 2025.

The controversy began when Milei posted on X, formerly Twitter, that $Libra would help fund small businesses and start-ups. He included a link to buy the coin. The price rose sharply following the post, but Milei deleted it within hours. The coin’s value then plunged, causing most investors to lose the majority of their money.

The crash triggered political backlash. Opposition members of Congress planned impeachment proceedings against the president. Critics online labeled the event a rug pull, a scheme where promoters attract buyers and then halt trading to keep the funds raised from sales.

Milei has rejected these accusations in multiple interviews. Speaking with Todo Noticias, he said, "I didn't promote it, I merely shared it." He added that he acted "in good faith" while the coin’s value was rising. He explained the deletion by saying he did not know the "details of the project and after learning about it, I decided not to continue promoting it."

In a television interview, Milei argued that investors bought $Libra "voluntarily" and understood the risks. His office stated that he had no involvement in developing the coin. The Anti-Corruption Office had examined whether he acted improperly, but the judicial process has now concluded.

Milei had not responded to the news of the dismissal at the time of the report.