- A federal judge dismissed the criminal case against Milei, his sister Karina and nine others, ruling that posting about LIBRA did not itself constitute fraud.
- The decision contrasts with a parliamentary investigation that found Milei played an essential role in promoting the token and attracting investors.
- LIBRA collapsed more than 90% after reaching a US$4 billion valuation, with estimated realised trading losses of US$251 million.
- Five investors are challenging their exclusion from the case and could appeal the dismissal if reinstated, while opposition lawmakers have criticised the ruling.
A court in Argentina dropped the criminal case against President Javier Milei and his sister. Court documents show that federal judge Marcelo Martínez de Giorgi dismissed the case at the request of the prosecution.
In February 2025 Milei posted about a memecoin called Libra, which received a lot of attention but subsequently crashed. Milei was accused of fraud, and the opposition planned impeachment proceedings.
Milei said he didn’t promote the coin but “merely shared it”. The judge said that while Milei’s public profile may have helped the coin, the mere posting about it didn’t constitute fraud in itself.
The ruling contrasts with the findings of an Argentine parliamentary investigation, which concluded in November 2025 that Milei had played an essential role in the token’s promotion. The committee argued that the president’s involvement had helped attract investors to the project.
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LIBRA briefly reached a market capitalisation of more than US$4 billion (AU$5.7 billion) before plunging over 90%. According to blockchain analysts, eight wallets linked to the token’s launch withdrew approximately US$107 million (AU$152 million). The same parliamentary investigation found that more than 114,000 wallets had lost money, while blockchain analytics firm Nansen estimated realised trading losses of US$251 million (AU$357 million).
Milei, his sister Karina and nine others had been investigated over their alleged roles in the meme coin.
Case Closed?
However, the case may not be entirely over. Five investors previously excluded from the proceedings are challenging their removal before Argentina’s Federal Criminal Cassation Court. If reinstated, they could appeal the dismissal. Prosecutor Eduardo Taiano, who had requested the case be dismissed, is reportedly not expected to appeal.
Milei welcomed the decision, describing the allegations as a politically motivated campaign against him. Opposition lawmakers, however, criticised the ruling, with Maximiliano Ferraro, who led the parliamentary investigation, accusing the judiciary of protecting those involved in the scandal.
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