Judge dismisses Milei crypto fraud probe

Federal Judge Marcelo Martinez de Giorgi dismissed the criminal case against Argentine President Javier Milei and his sister, Karina Milei. The decision came after prosecutors requested the court close the investigation. In his ruling, the judge stated that the reported events did not fit a specific legal category. He concluded that the prosecution failed to prove any criminally relevant deception.

The legal dispute focused on $Libra, a cryptocurrency that launched and then crashed in early 2025. The token collapsed shortly after Milei mentioned it in a social media post in February 2025. In that post, written on the platform X, Milei claimed the coin would help fund small businesses and startups. He also included a direct link for users to purchase the asset.

The price of $Libra climbed sharply following the post. However, the momentum reversed within a few hours. Milei deleted the tweet, and the coin’s value plunged immediately. Most investors lost the majority of their capital in the drop. The rapid collapse sparked immediate criticism from online observers who labeled the move a rug pull. This term describes a scheme where promoters attract buyers and then halt trading to keep the raised funds.

Opposition members in Congress planned impeachment proceedings in response to the episode. The presidential office stated that Milei had no role in developing the coin. Officials also announced that the Anti-Corruption Office would review the situation to determine if the president had acted improperly at the time.

Milei has denied accusations of misconduct throughout the process. In an interview with Todo Noticias, he clarified his role. He said, “I didn’t promote it, I merely shared it.” He added that he acted in good faith while the coin’s value was rising. The president defended deleting the post by explaining that he did not know the project details. After learning more, he decided to stop promoting it.

In a separate television interview, Milei argued that investors made their decisions voluntarily. He maintained that they understood the risks involved with the asset. The president had not responded to news of the dismissal at the time of the original report.