Judge Dismisses Milei Crypto Fraud Case

Argentine President Javier Milei and his sister Karina have officially exited a high-profile criminal investigation regarding a cryptocurrency controversy. The move brings a legal end to a dispute that had dominated the national news cycle for over a year.

Federal judge Marcelo Martinez de Giorgi signed off on the dismissal after prosecutors requested the closure. In his written decision, the judge stated that the reported events do not fit a specific legal category. He further concluded that no criminally relevant deception had been proven in the proceedings.

The core of the legal battle involved $Libra, a new digital coin that lost most of its value shortly after the president mentioned it on social media in February 2025. Milei posted on X, formerly known as Twitter, claiming the coin would assist small businesses and start-ups. He included a direct link for followers to purchase the asset, which caused the price to surge immediately.

The momentum reversed quickly within hours. Milei removed the post from his account, and the coin's value followed a steep downward trajectory. Investors who had bought in during the spike found themselves holding a significantly diminished asset, leading to substantial financial losses for many.

The incident triggered political maneuvering, with opposition members of Congress preparing impeachment proceedings. Online commentators and critics frequently labeled the event a rug pull. This term describes a scheme where promoters attract buyers to a cryptocurrency only to stop trading and retain the proceeds from sales.

The president has maintained that the accusations were unfounded throughout the process. In a conversation with Todo Noticias, he clarified his role by stating, "I didn't promote it, I merely shared it." He also asserted that he acted in good faith while the token's value was increasing.

Milei defended his decision to delete the social media post by explaining that he lacked knowledge of the project's specific details. He noted that after learning more about the token, he decided to stop promoting it. During a television interview, he argued that investors had entered the market voluntarily and fully understood the inherent risks.

The presidential office issued statements confirming that Milei had no part in the technical development of $Libra. At the time of the incident, the administration announced that the Anti-Corruption Office would review whether the president had acted improperly. As of the latest reporting, Milei had not publicly responded to the news of the case being dismissed.