Judge clears Milei of fraud in $Libra crypto collapse case

Federal Judge Marcelo Martinez de Giorgi dismissed the criminal case against Argentine President Javier Milei and his sister Karina Milei regarding the $Libra cryptocurrency crash. The judge ruled that the reported events did not fit a specific legal category and found no proof of criminally relevant deception. This decision ends the investigation that prosecutors had requested to close.

The legal scrutiny began in February 2025 when Milei posted on X, formerly Twitter, about the newly launched coin. He stated that $Libra would help fund small businesses and start-ups and included a direct link to purchase the asset. The price of the coin rose sharply following the announcement.

Within hours of the post, Milei deleted the message. The value of $Libra then plunged, causing most investors to lose the majority of their funds. The sudden drop triggered accusations from online critics that the president had executed a rug pull, a scheme where promoters halt trading to keep the raised capital.

Opposition members in Congress moved to plan impeachment proceedings in response to the financial loss. The presidential office responded by stating that Milei had no involvement in the development of $Libra. It also announced that the Anti-Corruption Office would examine whether the president had acted improperly during the episode.

Milei has maintained that he acted in good faith while the coin's value was rising. In an interview with Todo Noticias, he clarified his role by saying, "I didn't promote it, I merely shared it." He defended his decision to remove the post by explaining that he learned details about the project and decided not to continue promoting it.

The president further argued in a television interview that investors purchased $Libra voluntarily and understood the inherent risks. His sister, Karina Milei, was also named in the initial criminal probe alongside him. The dismissal by Judge Martinez de Giorgi marks the formal end of that specific legal track.

The court records show that prosecutors asked for the case to be dropped before the judge issued his final ruling. At the time of the original report, the presidential office had not yet issued a public response to the news of the dismissal. The ruling stands as the final judicial action on the $Libra investigation.