Argentine judge drops crypto fraud case against President Milei and sister

Federal judge Marcelo Martinez de Giorgi has dismissed the criminal investigation into Argentine President Javier Milei and his sister Karina Milei. The ruling ends a probe into the launch and subsequent crash of the $Libra cryptocurrency. The judge stated that the reported events did not fit a specific legal category and that no criminally relevant deception had been established.

The legal trouble began in February 2025 when President Milei posted about $Libra on X, formerly Twitter. He claimed the coin would help fund small businesses and start-ups. He included a direct link for users to purchase the asset. The price of the coin rose sharply following the post. Within hours, Milei deleted the message. The value of $Libra then plunged, causing many investors to lose most of their capital.

The price collapse triggered a political reaction. Opposition members of Congress planned impeachment proceedings against the president. Online critics described the episode as a rug pull. They alleged that promoters drew in buyers and then halted trading to keep the funds. The presidential office responded by saying Milei had no part in developing the coin. It also announced that the Anti-Corruption Office would examine whether he had acted improperly.

Prosecutors recently asked the court to close the case. Judge Martinez de Giorgi agreed with their request. He concluded that the facts did not meet the threshold for a criminal fraud charge. This decision removes the immediate legal threat hanging over the president and his sister.

Javier Milei has consistently denied wrongdoing throughout the process. In an interview with Todo Noticias, he said, "I didn't promote it, I merely shared it." He added that he acted in good faith while the coin’s value was rising. He explained that he deleted the post because he did not know the details of the project. Once he learned more, he decided to stop promoting it.

The president also argued that investors acted voluntarily. He stated that those who put money into $Libra understood the risks involved. His sister Karina was also named in the initial investigation. She has not issued a public statement regarding the dismissal. The court records confirm the case is now closed without trial.

The dismissal follows a period of intense scrutiny over the president's use of social media to influence financial markets. The case involved a specific digital asset that failed within hours of its public endorsement. With the judge’s ruling, the criminal chapter of the $Libra dispute is officially finished.