LIBRA’s legal plot twists: fraud claims against Milei, Karina Milei and others dismissed

An Argentine federal judge dismissed fraud allegations against President Javier Milei in the LIBRA meme coin scandal on Friday, finding no evidence of criminal wrongdoing connected to the cryptocurrency’s collapse. Federal Judge Marcelo Martinez de Giorgi ruled that the investigation was without merit because the events surrounding LIBRA’s promotion did not establish fraud.

The case followed LIBRA’s rise and fall in February 2025, when the token gained significant traction after Milei posted about it on X. Its price surged before the cryptocurrency collapsed within hours, leaving investors facing losses and raising questions about its launch. Blockchain researchers subsequently identified approximately $99M in withdrawals.

Martinez de Giorgi said Milei’s public role might have raised investor interest but had not been proven to constitute fraud. The court found insufficient evidence that the token’s price changes and investors’ losses were part of a fraudulent scheme. The ruling came after months of investigations into whether Milei knew he was being used to promote LIBRA.

The decision exonerated Javier Milei, his sister and Argentina’s presidential secretary-general, Karina Milei, and nine others accused in the token’s launch. Hayden Davis was also cleared in the same investigation.