Judge drops crypto fraud case against President Milei

Federal Judge Marcelo Martinez de Giorgi dismissed the criminal case against Argentine President Javier Milei and his sister Karina Milei on October 23. The judge concluded that the events surrounding the $Libra cryptocurrency did not fit a specific legal category and that no criminally relevant deception had been established.

The legal action followed a rapid rise and fall of the $Libra token in February 2025. Milei posted on the social media platform X that the coin would support small businesses and start-ups. He included a direct link to purchase the asset. Following this endorsement, the price of the token climbed sharply within hours.

Milei deleted the post shortly after it gained traction. The value of $Libra plunged immediately after the removal. Most investors who bought the coin during the surge lost the majority of their capital. Opposition members of Congress subsequently prepared impeachment proceedings in response to the episode. Online critics described the sequence as a rug pull, a scheme where promoters attract buyers and then stop trading to retain the funds.

The investigation examined whether the president acted improperly during the token's launch. The presidential office previously stated that Milei had no involvement in the development of $Libra. At the time of the collapse, the administration announced that the Anti-Corruption Office would review the president's actions. Prosecutors later requested the judge close the case.

Milei has maintained that he acted in good faith while the token was increasing in value. In an interview with Todo Noticias, he stated: "I didn't promote it, I merely shared it." He explained that he did not know the specific details of the project when he first shared the link. After learning more about the project, he decided to stop promoting it.

The president also argued in a television interview that investors chose to buy the token voluntarily. He said those who put money into $Libra understood the risks involved. The judge's ruling formally ends the criminal inquiry into the president and his sister over the incident.

Milei had not responded to news of the dismissal at the time of the original report. The case had drawn attention to the intersection of presidential social media influence and digital asset markets in Argentina.