Judge drops $Libra fraud case against Milei and sister

A federal judge in Argentina has ended the criminal probe into President Javier Milei and his sister Karina Milei regarding a volatile cryptocurrency. The dismissal marks the conclusion of a legal inquiry that began after the asset crashed shortly after the president promoted it online.

Judge Marcelo Martinez de Giorgi signed the order closing the case after prosecutors requested it. In the ruling, the judge stated that the reported events did not fit a specific legal category. He concluded that no criminally relevant deception had been proven to exist.

The dispute centers on $Libra, a coin launched in early 2025. Milei mentioned the asset in a post on X, formerly Twitter, in February 2025. He wrote that the coin would help fund small businesses and start-ups. He also included a link for users to buy the token.

The price of $Libra climbed sharply following the post. Within a few hours, Milei deleted the message. The coin's value then plunged, causing most investors to lose the bulk of their money. The rapid rise and fall triggered calls for accountability from political opponents.

Members of the opposition in Congress planned impeachment proceedings following the crash. Online critics accused the president of executing a rug pull. This term describes a scheme where promoters attract buyers and then halt trading to keep the raised funds.

Milei has rejected these accusations. In an interview with Todo Noticias, he said, "I didn't promote it, I merely shared it." He argued that he acted in good faith while the coin was rising in value. He explained the deletion of the post by noting he did not know the details of the project. After learning more, he decided not to continue promoting it.

The president also stated that investors put money into $Libra voluntarily. He said they understood the risks involved. The presidential office maintained that Milei had no involvement in the development of the coin. It announced that the Anti-Corruption Office would examine whether the president had acted improperly. Milei had not responded to news of the dismissal at the time of the original report.