Argentine federal judge closes case against Milei over Libra token — Al Jazeera

Argentine federal judge Marcelo Martínez de Giorgi has closed criminal proceedings against President Javier Milei and his sister Karina Milei in a case related to the launch and collapse of the $Libra crypto token. The judge ruled that the circumstances described by the complainants do not constitute a criminal offense, Al Jazeera reports.

Court findings

The ruling states that investors' losses, as well as the rise and fall in the token's value, are not in themselves sufficient to establish fraud. The judge acknowledged that Milei's institutional status may have given the token's launch greater publicity after his post, but this does not indicate the existence of a fraudulent scheme.

In February 2025, Milei published a post on the social network X recommending a little-known meme cryptocurrency. He later deleted the post and denied any connection to the token. After a brief increase, its value fell sharply. The president said at the time that he had acted in good faith and accused political opponents of trying to exploit the situation.

More current news is available on the UA.News Telegram channel Telegram.

Proceedings against launch adviser

The court also closed the investigation into American businessman Hayden Davis, who described himself as an adviser on the token's launch. Davis acknowledged that he had about $100 million after the collapse, but denied any wrongdoing.

Argentina's presidential administration said after the court's decision that the investigation confirmed Milei's innocence. It also called the proceedings an unsuccessful attempt at an institutional coup.