An Argentine federal judge has dismissed the criminal investigation into President Javier Milei’s promotion of the LIBRA memecoin, Reuters and Argentine outlet Infobae reported on Friday.
Judge Marcelo Martínez de Giorgi closed the case at the request of prosecutor Eduardo Taiano. Eleven people were cleared, including Milei, his sister Karina Milei, who is secretary general of the presidency, US businessman Hayden Davis, lobbyist Mauricio Novelli and KIP Protocol chief executive Julian Peh.
None of them had been formally questioned.
Why the judge closed the case
The judge said Milei’s endorsement may have given LIBRA’s launch “greater impact,” but that his social media post and the token’s collapse did not amount to fraud without evidence of a specific deception.
He said he found no evidence that Karina Milei sought or received money in exchange for access to the president, or that any proceeds from LIBRA reached public officials.
The presidency said the acts under investigation were not a crime, and described the probe, opened before Argentina’s 2025 midterm elections, as an attempt to damage Milei’s reputation.
What happened with LIBRA
Milei promoted LIBRA, a memecoin on the Solana blockchain, in a post on X on 14 February 2025, saying it would help fund small businesses.
The token surged and then crashed, losing more than 90% of its value. Investor losses have been estimated at more than $250 million.
Blockchain researchers found that eight wallets linked to the token’s creator withdrew about $99 million. Davis said he held close to $100 million after the crash, and has denied wrongdoing.
Milei deleted his post, denied any ties to LIBRA and said he had acted in good faith, withdrawing his support once he learned more about the project.
The case may not be over
The prosecutor is not expected to appeal, according to reports.
However, investors who had joined the case as plaintiffs were removed by the judge in July, a decision upheld on appeal in September. They are now challenging their removal at Argentina’s Federal Criminal Cassation Court. If they are reinstated, they could appeal the dismissal.
What happens next
The key step is the Cassation Court’s decision on the investors’ challenge. Until then, the dismissal stands.
