Judge rules $Libra crash was not criminal deception

Federal Judge Marcelo Martinez de Giorgi has closed the criminal investigation into Argentine President Javier Milei and his sister, Karina Milei.

The dismissal follows a request from prosecutors who believed the case lacked sufficient legal footing. In his written decision, the judge stated that the reported events did not fit a specific legal category. He concluded that no criminally relevant deception had been proven against the two siblings.

The legal action stemmed from the launch of $Libra, a cryptocurrency that lost most of its value shortly after its debut. In February 2025, President Milei posted on the social media platform X that the coin would help fund small businesses and start-ups. He included a direct link for users to purchase the token. The price of $Libra rose sharply following the announcement.

Within hours of the initial post, Milei removed it from his profile. The coin’s value then fell precipitously. Investors who had bought the token at the peak lost the majority of their capital. The rapid drop triggered a wave of criticism online, with some observers describing the event as a rug pull. In that scheme, promoters attract buyers and then stop trading to retain the funds.

The incident prompted opposition members of Congress to prepare impeachment proceedings. The presidential office stated that Milei had no role in developing $Libra. It also announced that the Anti-Corruption Office would review whether the president had acted improperly. That internal review preceded the current federal court decision.

Milei has maintained that he acted in good faith while the coin was gaining value. In an interview with Todo Noticias, he explained that he merely shared the information rather than promoting the asset. He noted that he did not know the specific details of the project initially. After learning more, he decided to stop promoting it by deleting the post. He argued that investors participated voluntarily and understood the financial risks involved.

As of the original report, the president had not issued a public response to the judge’s final ruling.