Argentine judge drops fraud case against Milei over $Libra token
A federal judge dismissed the criminal fraud investigation into President Javier Milei and his sister Karina over the $Libra meme coin launch, ruling no offence was shown.
What you need to know
An Argentine federal judge dismissed the criminal fraud investigation into President Javier Milei and his sister Karina Milei over the $Libra cryptocurrency he promoted online. The judge said the events did not constitute a criminal offence and that price swings and investor losses were not enough to establish fraud.
- Federal judge Marcelo Martinez de Giorgi dismissed the case against Javier and Karina Milei, court records show.
- The judge ruled the reported events do not constitute a criminal offence and no fraud was proven.
- Milei posted about the little-known $Libra token on X in February 2025, later deleting it as the price plunged.
- An investigation into US businessman Hayden Davis, a self-described launch adviser for the token, was also dismissed.
What the court decided
Federal judge Marcelo Martinez de Giorgi dismissed the fraud investigation into President Javier Milei and his sister Karina over the launch of the $Libra token, according to court records cited on Friday.
The judge held that the reported events do not constitute a criminal offence. He also wrote that investor losses and the token's sharp rise and fall were insufficient to establish fraud.
The ruling acknowledged that Milei's position could have given the launch greater impact when he posted about it, but concluded this did not amount to a fraudulent scheme. The judge also dismissed an inquiry into US businessman Hayden Davis, who called himself a launch adviser for the token.
How the episode unfolded
Milei recommended the little-known meme coin in a February 2025 post on X. He later deleted the post and denied any link to the cryptocurrency, whose value soon plunged, causing large losses for most investors.
Opposition members of Congress planned impeachment proceedings, and some online accounts accused Milei of a rug pull. Milei said he had acted in good faith and that investors had put money in voluntarily and knew the risks.
The presidential office welcomed the dismissal in a post on X, calling it proof of innocence. Milei has yet to respond personally to the decision, according to one report.
What did the judge rule on investor losses from $Libra?
The judge said investor losses and the token's rise and fall were not enough to establish fraud, and that the reported events did not constitute a criminal offence.
Sources & context
- Argentinian judge drops fraud investigation into Milei over crypto scandal ↗Al Jazeera
- Argentina drops investigation into President Milei over crypto fraud ↗BBC News
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