Judge clears Milei and sister in $Libra coin collapse case

A federal judge in Argentina has dismissed the criminal case against President Javier Milei and his sister, Karina Milei, regarding the rapid collapse of a cryptocurrency called $Libra. The ruling, issued by Judge Marcelo Martinez de Giorgi, marks the end of a probe that began after the coin's value plummeted following a social media post by the president.

The judge accepted the request from prosecutors to close the file. In his written decision, Martinez de Giorgi 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 defendants.

The legal dispute traces back to February 2025. At that time, Milei posted on X that $Libra would help fund small businesses and start-ups. He included a direct link to purchase the coin. The price rose sharply immediately after the post went live.

Within a few hours, Milei deleted the post. The value of $Libra then plunged. Most investors who bought the coin during that brief window lost most of their money. The incident led opposition members of Congress to plan impeachment proceedings. Online critics described the move as a rug pull, a scheme where promoters attract buyers before halting trading to keep the raised funds.

Milei has consistently denied that he orchestrated the crash. In an interview with Todo Noticias, he stated, "I didn't promote it, I merely shared it." He claimed he acted in good faith while the coin was rising in value. He explained the deletion of the post by saying he did not know the details of the project and decided not to continue promoting it after learning more.

The president also argued that investors had bought the coin voluntarily and understood the risks involved. The presidential office said Milei had no involvement in the development of $Libra. It also announced that the Anti-Corruption Office would examine whether the president had acted improperly. Milei had not responded to news of the dismissal at the time of the original report.

The dismissal leaves the political fallout from the $Libra crash largely unresolved, though the criminal path is now closed.