Milei's legal troubles over $Libra coin end after judge finds no fraud

Argentine President Javier Milei and his sister Karina Milei are no longer under criminal investigation following a decision by the federal judiciary on Thursday. Judge Marcelo Martinez de Giorgi formally dismissed the case after prosecutors recommended closing the probe into the rapid collapse of the $Libra cryptocurrency.

The judge’s ruling stated that the specific events reported in the file did not fit a defined legal category for fraud. He concluded that no criminally relevant deception had been proven against the pair. This decision ends a legal process that began after the coin’s value plummeted shortly after the president highlighted it on social media.

The controversy started in February 2025 when Milei posted on X, formerly Twitter, that $Libra would help fund small businesses and startups. He included a direct link to purchase the token. Following the post, the coin’s price rose sharply. Within hours, Milei removed the post, and the value of the asset dropped steeply, causing most investors to lose a large portion of their capital.

The incident triggered political backlash. Opposition members of Congress moved to plan impeachment proceedings against the president. Critics online described the event as a rug pull, a scheme where promoters attract buyers before halting trading to retain the funds. Milei has consistently denied these claims, arguing in an interview with Todo Noticias that he merely shared the information rather than actively promoting the coin.

The president maintained he acted in good faith while the coin’s value was increasing. He explained that he deleted the post because he did not know the project’s details and decided not to continue promoting it after learning more. In a television appearance, he argued that investors had entered the market voluntarily and understood the inherent risks involved.

The presidential office stated that Milei had no role in developing $Libra. The administration also announced that the Anti-Corruption Office would examine whether the president had acted improperly at the time. The office noted that the Anti-Corruption Office would handle the review, separating the criminal probe from internal administrative checks.

Milei had not responded to news of the dismissal at the time of the original report. The ruling stands as the final legal step in the criminal branch of the case, leaving the political and administrative reviews as the remaining channels for scrutiny.