Federal Judge Dismisses Criminal Case Against President Milei and Karina Milei Over $Libra Coin

Argentine authorities have closed a criminal investigation into President Javier Milei and his sister Karina Milei regarding the collapse of a cryptocurrency called $Libra. The move concludes a legal review that started after the coin’s value dropped sharply in February 2025.

Federal judge Marcelo Martinez de Giorgi dismissed the case following a request from prosecutors. In his written ruling, the judge stated that the reported events did not fit a specific legal category. He concluded that prosecutors had not proven any "criminally relevant deception" occurred during the incident.

The dispute centered on Milei’s social media activity on the platform X, formerly Twitter. In February 2025, the president shared a link to purchase $Libra and wrote that the coin would help fund small businesses and start-ups. The post caused the coin’s price to climb rapidly. Hours later, Milei deleted the post, and the value of the cryptocurrency plunged, causing many investors to lose most of their money.

The incident triggered political backlash. Opposition members of Congress planned impeachment proceedings against the president. Online critics labeled the event a "rug pull," a strategy where promoters attract buyers and then halt trading to keep the funds raised.

Milei has denied the accusations of fraud. In an interview with Todo Noticias, 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. Regarding the deletion of the post, he explained that he learned details of the project that led him to stop promoting it. In a separate television interview, he argued that investors bought the coin "voluntarily" and understood the risks involved.

The presidential office stated that Milei had no part in developing $Libra. At the time of the crash, the office announced that the Anti-Corruption Office would examine whether the president acted improperly. Milei had not responded to news of the dismissal at the time of the original report.