Argentine judge dismisses LIBRA meme coin fraud case against President Javier Milei
An Argentine federal judge has dismissed a criminal probe into President Javier Milei, his sister Karina Milei, and nine others linked to the LIBRA meme coin, concluding that the events did not constitute a criminal offense.
Argentine federal judge Marcelo Martínez de Giorgi dismissed the criminal investigation into President Javier Milei, presidential Secretary-General Karina Milei, and nine others over the collapse of the LIBRA meme coin. The judge granted a dismissal request submitted by federal prosecutor Eduardo Taiano, finding that Taiano's evaluation was grounded in the case evidence and that the facts did not constitute a criminal offense.[4][1][5]
The probe stemmed from Milei's Feb. 14, 2025, post on X promoting LIBRA as a private initiative to fund small businesses in Argentina. The token's market capitalization reached $4.56 billion before dropping more than 94% within 11 hours, prompting Milei to delete the post and state he had no formal connection to the project. Blockchain researchers previously noted that eight wallets associated with the creator extracted roughly $99 million from the market during trading, and Circle subsequently froze $57 million in USDC tied to the venture in May 2025.[4][5]
In his 60-page decision, Judge Martínez de Giorgi noted that while presidential backing broadened LIBRA's exposure and influenced buyers, it did not establish criminally relevant deception or a fraudulent scheme. The court rejected allegations of abuse of authority against Javier Milei, noting that no official acts or public resources were used. Allegations that Karina Milei functioned as an illicit paid broker for access to the president were also dismissed due to a lack of evidence.[4][5]
None of the 11 individuals under investigation, which included Kelsier Ventures' Hayden Davis, were formally questioned as suspects. The ruling orders the case archived once final, though five investors previously removed as private plaintiffs petitioned the federal criminal cassation court in September to be reinstated.[4][1][3]
Key facts
- Argentine federal judge Marcelo Martínez de Giorgi dismissed the criminal probe into President Javier Milei, Karina Milei, and nine others regarding the LIBRA token.
- Federal prosecutor Eduardo Taiano requested the dismissal, which the judge approved after concluding the facts fit no criminal offense.
- Milei promoted LIBRA on X on Feb. 14, 2025, before deleting the post as the token's market cap plunged over 94% within 11 hours of its launch.
- Blockchain researchers reported that eight wallets linked to the token's creator withdrew approximately $99 million from the trading market.
- The judge ruled that Milei's endorsement did not constitute fraud, noting no official acts or public resources were used.
- None of the 11 people named in the investigation was ever formally questioned as a suspect.
- The ruling clears LIBRA adviser Hayden Davis, whose separate U.S. investor lawsuit was dismissed with prejudice in September.
Sources · 5 sources
- LS
Laura Shin@laurashinPost on X ·
Judge Marcelo Martínez de Giorgi found the LIBRA facts fit no criminal offense. None of the 11 people named in the case was ever formally questioned as a suspect. https://t.co/mF1r2cCxgg
Open source - CO
Cointelegraph@CointelegraphPost on X ·
🇦🇷 UPDATE: An Argentine judge dismissed the investigation into President Javier Milei and his sister’s links to the $LIBRA cryptocurrency scandal at prosecutors’ request. https://t.co/Pa52lG5CV8
Open source - CB
Crypto Briefing@Crypto_BriefingPost on X ·
🇦🇷 NEW: An Argentine judge has dismissed the investigation into President Javier Milei and his sister Karina over the LIBRA meme coin collapse, citing insufficient evidence of fraud. The ruling also clears LIBRA adviser Hayden Davis and others involved in the case. https://t.co/cFYGvFpS4r
Open source - UN
UnchainedArticle ·
Judge Shuts LIBRA Case Against Javier Milei, Ruling the Memecoin Facts Fit No Crime Argentine federal judge Marcelo Martínez de Giorgi on Oct. 23 dismissed the LIBRA memecoin criminal case against President Javier Milei , presidential Secretary-General Karina Milei and nine others, including Kelsier Ventures’ Hayden Davis , ruling that the events fit no crime. Granting federal prosecutor Eduardo Taiano ‘s request, the judge found his opinion properly grounded in the evidence and, absent any independent accusation, ruled as asked, according to an Unchained translation of the 60-page decision. The dismissal cites article 336, section 3 of Argentina’s national code of criminal procedure and adds the standard line that the proceedings leave the reputations of those investigated intact. None of the 11 was ever formally questioned as a suspect. The ruling, which circulated through Argentine media, had not been posted on the judiciary’s official website as of Friday evening. Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter . Why the Judge Found No Crime On fraud, the judge granted that a sitting president’s backing could lend a project unusual reach and sway how far some buyers trusted it, but wrote, per the Unchained translation, that this did not necessarily mean anyone was given a false picture of reality. He also cautioned against inferring fraud only from the final split of gains and losses, and agreed with Taiano that the record did not establish any criminally relevant deception. He found no official act tied to the project and no use of public resources, rejecting the claims of abuse of authority and negotiations incompatible with public office against Javier Milei. As for Karina Milei, he wrote that the evidence did not establish any concrete illicit exchange, or that she had acted as a paid go-between for access to her brother, the accusation two opposition lawmakers made in the original complaint. Ruling Not Yet Final The decision orders the file archived only once final. The judge removed five investors as private plaintiffs on July 3; a federal appeals panel upheld that on Sept. 4. On Sept. 16, they asked the federal criminal cassation court to reinstate them. Unchained could not confirm the outcome or whether anyone will appeal. The 2025 Collapse Milei promoted LIBRA in a Feb. 14, 2025, X post as a private project to fund small Argentine businesses. The token’s market cap peaked at $4.56 billion that night and was down more than 94% within 11 hours of its debut, Cointelegraph reported , drawing on Dexscreener data. Milei deleted the post and wrote hours later that he had no connection to the venture and had not known its details. In May 2025, Circle froze $57 million in USDC linked to the scandal. A New York federal judge on Sept. 29 dismissed with prejudice an investor lawsuit against Kelsier Labs, Davis and others. Related Listen: Why Did Hunter Biden Launch a Meme Coin? Partly to Troll Trump The post Judge Shuts LIBRA Case Against Javier Milei, Ruling the Memecoin Facts Fit No Crime appeared first on Unchained .
Open source - WB
Wu Blockchain@WuBlockchainPost on X ·
Argentine Judge Drops LIBRA Criminal Probe Against President Milei and Hayden Davis According to Reuters, Argentine federal judge Marcelo Martínez de Giorgi has dropped the criminal investigation into President Javier Milei, his sister Karina Milei, and U.S. businessman Hayden Davis over the LIBRA meme coin scandal, finding insufficient evidence of fraud. The judge ruled that while Milei’s endorsement on X may have amplified the token’s launch, it did not in itself constitute a fraudulent scheme. Milei promoted LIBRA in February 2025 before deleting his post as the token’s price collapsed. Blockchain researchers previously reported that eight wallets linked to the token’s creator withdrew approximately $99 million in cryptocurrency from the token’s trading market.
Open source