Judge ends $Libra fraud probe after finding no deception

Federal judge Marcelo Martinez de Giorgi has dismissed the criminal case against Argentine President Javier Milei and his sister Karina Milei. The judge concluded that the events surrounding the cryptocurrency $Libra did not fit a specific legal category. He stated that no "criminally relevant deception" was proven in the reported events.

The investigation began after a social media post by Milei in February 2025. At that time, the president shared a link to purchase the newly launched coin on X. He claimed the asset would help fund small businesses and start-ups. The coin's price climbed sharply after the post went live.

Within a few hours, Milei deleted the post. The value of $Libra plunged immediately following the removal. Most investors lost the bulk of their money in that short timeframe. The rapid rise and fall of the asset triggered a formal probe by prosecutors.

Opposition members of Congress planned impeachment proceedings in response to the crash. Online critics labeled the incident a "rug pull," a common crypto scam where promoters halt trading to keep the raised funds. The presidential office stated that Milei had no involvement in the development of the coin. They also announced that the Anti-Corruption Office would examine whether the president acted improperly during the episode.

Milei has rejected the accusations of fraud. In an interview with Todo Noticias, he said, "I didn't promote it, I merely shared it." He argued that he acted "in good faith" while the coin was rising in value. He defended deleting the post by explaining that he did not know the "details of the project" and decided not to continue promoting it after learning more.

The president also told television reporters that people who invested in $Libra did so "voluntarily." He said those investors understood the risks involved in buying the coin. Prosecutors eventually asked the court to close the case, which led to the final dismissal ruling.

Milei had not responded to news of the dismissal at the time of the original report. The legal action against both the president and his sister is now formally ended.