$Libra Investigation: Judge Clears Argentine President of Fraud

The cryptocurrency market has seen many volatile launches, but few involve a sitting head of state. On October 23, 2026, court records confirmed that a criminal case against Argentine President Javier Milei and his sister Karina Milei was officially dropped.

Federal Judge Marcelo Martinez de Giorgi dismissed the investigation after prosecutors recommended closing the file. In his ruling, the judge stated that the reported events did not fit a specific legal category. He concluded that no criminally relevant deception had been proven by the evidence.

The dispute began in February 2025 when Milei posted on X, formerly Twitter, about a new coin called $Libra. He claimed the asset would help fund small businesses and startups, sharing a direct link to purchase it. The price spiked immediately after the post went live. Within hours, Milei deleted the update, and the coin’s value crashed. Investors who bought during the surge lost most of their capital.

The incident triggered political backlash. Opposition members of Congress planned impeachment proceedings, while online critics labeled the event a rug pull. This term describes a scheme where promoters attract buyers for a crypto asset and then halt trading to keep the raised funds.

Milei has consistently denied wrongdoing. 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 was rising. He explained that he deleted the post because he did not know the details of the project and decided to stop promoting it after learning more. In a television interview, he argued that investors bought voluntarily and understood the risks involved.

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

The case is now closed with no further scheduled court dates or appeals listed in the public records.