An Argentine federal judge has dismissed criminal charges against President Javier Milei and 10 others in the LIBRA case, ruling that promotion, a rally, and a market crash do not constitute fraud alone.
Federal judge Marcelo Martínez de Giorgi cleared Milei, his sister Karina, and nine others including Hayden Davis, Mauricio Novelli, and Julian Peh. The prosecutor had requested the dismissal, and none of the defendants faced formal questioning as suspects.
In his 60-page ruling, the judge wrote that economic loss does not automatically constitute a crime. He noted that Milei promoted LIBRA from a personal account without using public resources and that investigators could not establish direct links between other defendants and the project's organization.
The LIBRA Promotion and Collapse
Milei promoted LIBRA on X on February 14, 2025. The token's market value briefly reached $4.5 billion before declining approximately 95% within hours. On-chain analysts identified eight wallets tied to the team that cashed out $107 million. Milei subsequently deleted his post and stated he had acted in good faith.
Response and Next Steps
Following the ruling, Milei said justice had clarified the matter and blamed what he described as a political and media operation against his government.
Opposition deputy Maximiliano Ferraro criticized the decision, calling it a judicial cover-up. His congressional commission had found in November 2025 that Milei provided essential collaboration to the project. Critics also questioned the July appointment of the judge's wife to a federal court by presidential decree.
The court has archived the case, but excluded plaintiffs have requested the Federal Cassation Court reinstate them, potentially reopening the door to an appeal.
