An Argentine federal judge has dismissed the criminal case over the LIBRA memecoin against President Javier Milei and 10 others. Judge Marcelo Martínez de Giorgi acted after prosecutor Eduardo Taiano asked for the dismissal, and Taiano is not expected to appeal, according to CoinDesk.
The judge found that Milei’s promotion did not amount to fraud. He accepted that the endorsement may have given the launch “greater impact,” but said the post and LIBRA’s collapse do not prove fraud without evidence of a specific deception. He also found no evidence that Milei’s sister, Karina Milei, the presidency’s secretary general, sought or received money for access to the president, or that LIBRA proceeds reached public officials. The 11 people cleared include U.S. businessman Hayden Davis, lobbyist Mauricio Novelli and KIP Protocol CEO Julian Peh. None had been formally questioned.
Milei promoted LIBRA on February 14, 2025. The token then lost more than 90% of its value, destroying about $250 million in investor wealth, and eight wallets linked to its creator withdrew about $99 million.
The case may not be fully closed. Investors who had joined as plaintiffs were removed in July, an appeals court upheld that in September, and they have challenged the removal before the Federal Criminal Cassation Court. If they are reinstated, they could appeal the dismissal. The ruling covers the criminal case in Argentina only. It does not recover investor losses.
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Sources:
- CoinDesk: Argentina drops criminal probe into President Milei over crashed memecoin LIBRA
- The Defiant: Argentine Judge Dismisses LIBRA Criminal Case Against Milei and 10 Others
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