Judge Ends Probe Into Milei's Crypto Coin

Federal Judge Marcelo Martinez de Giorgi dismissed the criminal case against Argentine President Javier Milei and his sister, Karina Milei, concluding that no legally relevant deception took place. The ruling follows a request from prosecutors to close the investigation into the sudden collapse of the $Libra cryptocurrency.

The legal action stems from events in February 2025, when President Milei posted on X, formerly Twitter, about the newly launched coin. He claimed the asset would support small businesses and start-ups, and he included a direct link for users to purchase it. The coin's price rose sharply following the post. However, within hours, Milei deleted the message, and the value of $Libra crashed, causing most investors to lose a significant portion of their capital.

The sharp price movement triggered political backlash. Opposition members of Congress prepared impeachment proceedings, while online critics labeled the incident a "rug pull," a tactic where promoters attract buyers and then halt trading to retain the funds. In his written decision, Judge Martinez de Giorgi stated that the reported events did not fit a specific legal category for fraud.

President Milei has maintained his innocence throughout the process. In an interview with Todo Noticias, he clarified his role by saying, "I didn't promote it, I merely shared it." He argued that he acted in good faith while the coin's value increased. To explain why he removed the post, he noted that he did not know the details of the project and decided to stop promoting it after learning more. He also asserted that investors participated voluntarily and understood the inherent risks.

The presidential office stated that Milei had no involvement in developing $Libra. Following the initial crash, the office announced that the Anti-Corruption Office would examine whether the president had acted improperly. The judge's dismissal effectively ends the criminal probe, though the president had not responded to the news at the time of the original report.

The case highlights the regulatory ambiguity surrounding executive endorsements of digital assets in Argentina. By ruling that the actions did not constitute a crime, the court set a precedent for how future social media endorsements by public figures might be scrutinized. The decision closes the criminal chapter of the $Libra scandal, leaving any civil or political consequences to other branches of the state.