Libra Scandal Review: Judge Drops Case Against Milei

Argentine President Javier Milei and his sister Karina Milei will face no criminal charges related to a cryptocurrency controversy that drew impeachment threats from opposition lawmakers, court records show. Federal judge Marcelo Martinez de Giorgi closed the investigation after prosecutors requested the case be dismissed. In the ruling, the judge wrote that "the reported events do not fall under a legal category," adding that no "criminally relevant deception" was proven. The decision marks the end of a probe into the launch and collapse of a token called $Libra, which crashed in value shortly after the president referenced it online. The episode had been a source of political friction for months, with opposition figures planning impeachment proceedings. No criminal case will proceed against the president or his sister in connection with the matter.

The case centered on the $Libra token, which was launched and then promoted by Milei in a February 2025 post on X. He wrote that the coin would help fund small businesses and start-ups, and he shared a link to purchase it. The price rose sharply after his post, but he deleted the message within hours, and the value of the token plunged soon afterward. Most people who had invested lost most of their money. Opposition members of Congress subsequently prepared impeachment proceedings, and some critics online labeled the episode a "rug pull," a practice where promoters attract buyers for a coin and then stop trading and retain the money raised from the sales. The judge dismissed the case after prosecutors requested that it be closed, citing the legal category and the absence of proven criminal deception.

Milei has denied wrongdoing, saying in an interview with Todo Noticias that "I didn't promote it, I merely shared it." He has said he acted in good faith while the value of the coin was climbing. Regarding the removal of the post, he said he did not know "the details of the project and after learning about it, I decided not to continue promoting it." In a television interview, he also said that people who put money into the token did so "voluntarily" and understood the risks. The presidential office stated that the president had no involvement in the development of the coin. It also said that the Anti-Corruption Office would examine whether the president acted improperly. Milei did not respond to news of the dismissal at the time of the initial report.

The dismissal ends the criminal investigation into the matter involving the president and his sister. Court records show the case was closed at the request of prosecutors, and the judge found that the reported events did not fall under a legal category and that no criminally relevant deception was proven. The president has said he acted in good faith, that he did not promote the token, and that investors acted voluntarily and understood the risks. The president's office has said he had no involvement in developing the token, and the Anti-Corruption Office was set to examine whether he acted improperly. Milei did not respond to news of the dismissal at the time of the initial report. The criminal inquiry into the token and the events surrounding it will not proceed further.