An Argentine federal judge has cleared President Javier Milei of criminal wrongdoing in connection with the LIBRA meme coin scandal. On Friday, Federal Judge Marcelo Martinez de Giorgi ruled that the investigation lacked merit due to insufficient evidence of fraud related to the cryptocurrency's collapse.
The ruling exonerated Milei, his sister Karina Milei who serves as Argentina's presidential secretary-general, and nine others who had been accused in the token's launch. Judge Martinez de Giorgi found that the events surrounding LIBRA's promotion did not establish criminal conduct, determining that while Milei's public role may have raised investor interest, this was not proven to constitute fraud.
Investigation Timeline and Token Collapse
The investigation began in February 2025 after LIBRA gained significant traction following a post by Milei on X. The token collapsed within hours of the promotion, resulting in investor losses. Milei later removed the tweet and stated he had no business relationship with the token's creators, claiming he had promoted it in good faith without full awareness of its scope.
The court found insufficient evidence that the price changes and investor losses were part of a fraudulent scheme. Blockchain researchers identified approximately $99 million in transactions using eight cryptocurrency wallet addresses linked to the token's creator, though this did not lead to criminal charges in the ruling.
Clearing of Other Defendants
The ruling also applied to Karina Milei, against whom investigators found no evidence of payments for arranging access to her brother. Judge Martinez de Giorgi determined that holding meetings did not constitute influence peddling without evidence of improper payments. The decision also covered nine other defendants, including businessman Hayden Davis, described as the token's launch adviser. Davis was found to have possessed nearly $100 million following the token's collapse but made no admission of fault during the investigation.
The Argentine Fintech chamber had expressed concerns about potential market manipulation, though the court did not find sufficient evidence to support criminal charges. The ruling brings the criminal case toward closure once finalized.
