Argentine judge dismisses LIBRA memecoin fraud case against President Milei
An Argentine federal judge has dropped the criminal probe into President Javier Milei, his sister Karina, and nine others over the collapse of the LIBRA memecoin, ruling that his social media endorsement did not constitute criminal fraud.
Argentine federal judge Marcelo Martínez de Giorgi dismissed a criminal fraud investigation into President Javier Milei, presidential Secretary-General Karina Milei, and nine other individuals, including Kelsier Ventures adviser Hayden Davis. Granting a dismissal request from federal prosecutor Eduardo Taiano, the judge ruled in a 60-page decision that the facts of the case fit no criminal offense and showed no criminally relevant deception.[5][7][2][3]
The controversy traces back to Feb. 14, 2025, when Milei promoted LIBRA on X as a private initiative to fund small businesses in Argentina. The Solana-based token reached a market capitalization of $4.56 billion before plunging more than 94% within 11 hours. Milei subsequently deleted his post, stating he had no connection to the project and was unaware of its details. Blockchain researchers later noted that eight wallets linked to the token's creator withdrew roughly $99 million in cryptocurrency during the trading frenzy.[5][6][8][1]
Judge Martínez de Giorgi acknowledged that presidential backing gave the launch unusual reach, but emphasized that public support alone did not amount to fraud or the dissemination of false information. He rejected accusations of abuse of authority, determining that no public funds or official government acts were involved. The court also found no evidence that Karina Milei functioned as an illicit go-between for access to the president, and noted that none of the 11 individuals investigated were ever formally questioned as suspects.[5][4][2]
The dismissal will only be archived once it becomes final. Five investors previously removed as private plaintiffs have petitioned Argentina's federal criminal cassation court to reinstate them, keeping open the possibility of an appeal.[5][9]
Key facts
- Argentine federal judge Marcelo Martínez de Giorgi dismissed criminal fraud allegations against President Javier Milei, his sister Karina Milei, and nine others regarding the LIBRA memecoin.
- The dismissal was requested by federal prosecutor Eduardo Taiano, who determined the evidentiary record lacked criminally relevant deception.
- LIBRA's market capitalization reached $4.56 billion on Feb. 14, 2025, before plunging more than 94% within 11 hours of launch.
- Researchers found that eight wallets linked to the token's creator withdrew approximately $99 million from the trading market.
- The judge ruled that Milei's endorsement did not involve public resources or official acts, rejecting abuse-of-authority allegations.
- None of the 11 individuals examined in the case were ever formally questioned as suspects.
- Five investors removed as private plaintiffs have asked a federal criminal cassation court to reinstate them, leaving open the potential for an appeal.
Sources · 9 sources
- PO
Polymarket@PolymarketPost on X ·
BREAKING: Argentina drops criminal investigation into President Javier Milei over the $LIBRA meme coin, which crashed 95% shortly after Milei promoted it.
Open source - LS
Laura Shin@laurashinPost on X ·
Judge Marcelo Martínez de Giorgi found the LIBRA facts fit no criminal offense. None of the 11 people named in the case was ever formally questioned as a suspect. https://t.co/mF1r2cCxgg
Open source - CO
Cointelegraph@CointelegraphPost on X ·
🇦🇷 UPDATE: An Argentine judge dismissed the investigation into President Javier Milei and his sister’s links to the $LIBRA cryptocurrency scandal at prosecutors’ request. https://t.co/Pa52lG5CV8
Open source - CO
CoindeskArticle ·
Argentina drops criminal probe into President Milei over crashed memecoin LIBRA The judge found that Milei's promotion of LIBRA did not constitute fraud, despite the attention his support drew to the token.
Open source - UN
UnchainedArticle ·
Judge Shuts LIBRA Case Against Javier Milei, Ruling the Memecoin Facts Fit No Crime Argentine federal judge Marcelo Martínez de Giorgi on Oct. 23 dismissed the LIBRA memecoin criminal case against President Javier Milei , presidential Secretary-General Karina Milei and nine others, including Kelsier Ventures’ Hayden Davis , ruling that the events fit no crime. Granting federal prosecutor Eduardo Taiano ‘s request, the judge found his opinion properly grounded in the evidence and, absent any independent accusation, ruled as asked, according to an Unchained translation of the 60-page decision. The dismissal cites article 336, section 3 of Argentina’s national code of criminal procedure and adds the standard line that the proceedings leave the reputations of those investigated intact. None of the 11 was ever formally questioned as a suspect. The ruling, which circulated through Argentine media, had not been posted on the judiciary’s official website as of Friday evening. Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter . Why the Judge Found No Crime On fraud, the judge granted that a sitting president’s backing could lend a project unusual reach and sway how far some buyers trusted it, but wrote, per the Unchained translation, that this did not necessarily mean anyone was given a false picture of reality. He also cautioned against inferring fraud only from the final split of gains and losses, and agreed with Taiano that the record did not establish any criminally relevant deception. He found no official act tied to the project and no use of public resources, rejecting the claims of abuse of authority and negotiations incompatible with public office against Javier Milei. As for Karina Milei, he wrote that the evidence did not establish any concrete illicit exchange, or that she had acted as a paid go-between for access to her brother, the accusation two opposition lawmakers made in the original complaint. Ruling Not Yet Final The decision orders the file archived only once final. The judge removed five investors as private plaintiffs on July 3; a federal appeals panel upheld that on Sept. 4. On Sept. 16, they asked the federal criminal cassation court to reinstate them. Unchained could not confirm the outcome or whether anyone will appeal. The 2025 Collapse Milei promoted LIBRA in a Feb. 14, 2025, X post as a private project to fund small Argentine businesses. The token’s market cap peaked at $4.56 billion that night and was down more than 94% within 11 hours of its debut, Cointelegraph reported , drawing on Dexscreener data. Milei deleted the post and wrote hours later that he had no connection to the venture and had not known its details. In May 2025, Circle froze $57 million in USDC linked to the scandal. A New York federal judge on Sept. 29 dismissed with prejudice an investor lawsuit against Kelsier Labs, Davis and others. Related Listen: Why Did Hunter Biden Launch a Meme Coin? Partly to Troll Trump The post Judge Shuts LIBRA Case Against Javier Milei, Ruling the Memecoin Facts Fit No Crime appeared first on Unchained .
Open source - CN
crypto.news@cryptodotnewsPost on X ·
JUST IN: Argentina drops criminal case against President Javier Milei over the crashed $LIBRA memecoin A judge ruled that Milei’s promotion of the Solana-based token did not establish fraud, dismissing the case against him, his sister Karina and launch adviser Hayden Davis, despite wallets linked to the creator withdrawing around $99 million in crypto.
Open source - TB
The BlockArticle ·
Argentine judge clears Milei and 10 others in LIBRA case, finding no ‘criminally relevant deception’ The judge's 60-page ruling concluded Argentine President Javier Milei's post promoting the LIBRA token did not, by itself, establish fraud.
Open source - WB
Wu Blockchain@WuBlockchainPost on X ·
Argentine Judge Drops LIBRA Criminal Probe Against President Milei and Hayden Davis According to Reuters, Argentine federal judge Marcelo Martínez de Giorgi has dropped the criminal investigation into President Javier Milei, his sister Karina Milei, and U.S. businessman Hayden Davis over the LIBRA meme coin scandal, finding insufficient evidence of fraud. The judge ruled that while Milei’s endorsement on X may have amplified the token’s launch, it did not in itself constitute a fraudulent scheme. Milei promoted LIBRA in February 2025 before deleting his post as the token’s price collapsed. Blockchain researchers previously reported that eight wallets linked to the token’s creator withdrew approximately $99 million in cryptocurrency from the token’s trading market.
Open source - TB
The Block@TheBlockCoPost on X ·
THE BLOCK: A judge dismissed the LIBRA case against Argentine President Javier Milei, Hayden Davis and nine others, finding no “criminally relevant deception.” Milei's opposition alleges a cover-up while investors removed from the case pursue a path to appeal the ruling. https://t.co/fkrEXVk4yQ
Open source