Judge ends crypto probe into Argentine president
Marcelo Martinez de Giorgi ruled that no criminal deception existed in the collapse of the $Libra token.
By Thabo Mokoena ·
A federal judge in Argentina has closed the criminal investigation into President Javier Milei and his sister, Karina Milei, over the collapse of a digital currency. The decision ends a legal process that began after the $Libra token lost most of its value shortly after the president promoted it online.
Judge Marcelo Martinez de Giorgi dismissed the case after prosecutors requested the closure. In the ruling, the judge stated that the events did not fit a specific legal category. He concluded that the prosecution had not proven any criminally relevant deception occurred during the period in question.
The dispute started in February 2025 when Milei posted on X, formerly Twitter, that the coin would help fund small businesses and start-ups. He included a link to purchase the asset. The price rose sharply after the post appeared. Within a few hours, Milei deleted the message, and the coin's value plunged. Most investors who bought in during that window lost the bulk of their money.
The incident drew sharp criticism from opposition members of Congress, who planned impeachment proceedings. Online commentators accused the president of a rug pull, a scheme where promoters attract buyers and then halt trading to keep the raised funds. The presidential office stated that Milei had no involvement in the development of $Libra. It also announced that the Anti-Corruption Office would examine whether the president acted improperly.
Milei has rejected the accusations in multiple interviews. Speaking to Todo Noticias, he said, "I didn't promote it, I merely shared it." He described his actions as being in good faith while the coin was rising in value. He explained the deletion by noting he did not know the project details and decided not to continue promoting it after learning more. In a television interview, he argued that investors acted voluntarily and understood the risks involved.
The dismissal removes the immediate criminal threat facing the president and his sister. The case had centered on whether the social media activity constituted fraud. With the judge's ruling, the legal inquiry is now formally over. Milei had not responded to news of the dismissal at the time of the original report.
Source: BBC News
