Judge drops fraud case against Milei over $Libra coin collapse
A federal judge concluded that the president's social media promotion of the cryptocurrency did not constitute criminal deception.
By Marco Ortega ·
Federal judge Marcelo Martinez de Giorgi dismissed the criminal investigation into Argentine President Javier Milei and his sister, Karina Milei, on October 23. The decision came after prosecutors requested the case be closed. In his ruling, the judge stated that the reported events did not fit a specific legal category and that no criminally relevant deception had been proven.
The legal dispute originated in February 2025 when Milei posted on X, formerly Twitter, about a newly launched cryptocurrency called $Libra. He described the coin as a tool to fund small businesses and start-ups, including a direct link to purchase it. The price of $Libra climbed sharply following the post.
Within hours, Milei deleted the post, and the coin's value plunged. Most investors lost the bulk of their money. The rapid rise and fall of the currency prompted opposition members of Congress to plan impeachment proceedings. Online critics labeled the episode a rug pull, a scheme where promoters draw in buyers and then halt trading to keep the raised funds.
Milei has consistently rejected these accusations. In an interview with Todo Noticias, he clarified, "I didn't promote it, I merely shared it." He maintained that he acted in good faith while the coin's value was rising. When defending the deletion of his post, he explained that he did not know the details of the project and decided to stop promoting it after learning more.
The president also argued in a television interview that investors had participated voluntarily and understood the risks involved. The presidential office stated that Milei had no involvement in the development of $Libra. At the time of the incident, the office announced that the Anti-Corruption Office would examine whether the president had acted improperly.
As of the original report, Milei had not responded to news of the dismissal. The ruling ends the specific criminal probe, though the financial losses for early buyers remain a point of contention in the political sphere.
Source: BBC News
