An Argentine federal judge has dismissed the criminal case against President Javier Milei over his promotion of LIBRA, a Solana-based memecoin that crashed shortly after its launch in February 2025. The dismissal also covers Milei's sister Karina, the presidency's secretary general, and U.S. businessman Hayden Davis, described as an adviser to the token's launch. In total, 11 people were cleared in the case, none of whom had been formally questioned.
Judge Marcelo Martínez de Giorgi found that Milei's endorsement of LIBRA, posted on X on February 14, 2025, did not constitute fraud despite drawing significant attention to the token. The judge acknowledged that the president's promotion could have given the launch greater impact but determined that his social media post and the token's subsequent collapse were insufficient to establish fraud without evidence of specific deception.
LIBRA rose exponentially after Milei's promotion but lost more than 95% of its value after reaching approximately $5. Blockchain researchers found that eight wallets linked to the token's creator withdrew around $99 million in cryptocurrency. The collapse destroyed over $250 million in investor wealth.
The judge also found no evidence that Karina Milei sought or received money in exchange for access to the president, or that proceeds from LIBRA reached public officials. Davis subsequently denied making any payments to either Milei or his sister.
Milei later deleted his post promoting LIBRA and denied ties to the project, saying he had acted in good faith and withdrawn his support after learning more about it.
The case may not be fully closed. Investors who were removed as plaintiffs in July have challenged their removal before the Federal Criminal Cassation Court. If they are reinstated, they could appeal the dismissal.
