Argentina has closed its criminal investigation into President Javier Milei over the $LIBRA memecoin scandal. On October 23, 2026, Federal Judge Marcelo Martínez de Giorgi dismissed the case against Milei, his sister Karina Milei, and nine other people.
The investigation centered on a social media post from February 14, 2025, in which Milei promoted $LIBRA and shared the token's contract address. Following the post, the token's market value surged before collapsing, with the token reportedly losing 80-90% of its value and causing investor losses estimated at around $251 million.
Judge's Reasoning
The ruling followed a recommendation from prosecutor Eduardo Taiano, who concluded there was insufficient evidence that any crime had been committed. The allegations had included fraud, influence peddling, and abuse of authority.
Judge Martínez de Giorgi rejected the fraud charge on the grounds that nobody had proven deception connected to the losses investors suffered. He noted that the wild price swings typical of memecoins did not establish criminal liability.
A key distinction in the ruling classified Milei's promotion of the token as a personal action rather than an official government endorsement.
Earlier Reviews and Appeals
The dismissal aligns with previous determinations. Argentina's anti-corruption office had previously cleared Milei of wrongdoing, and the U.S. Department of Justice declined to cooperate with the Argentine investigation, citing insufficient evidence of a crime. A related U.S. class-action lawsuit was also dismissed.
The case remains subject to appeal, but is otherwise closed in practice.
