An Argentine federal judge has closed a criminal investigation into President Javier Milei and his sister, Karina Milei, regarding the collapse of a cryptocurrency they promoted. The ruling, issued by Judge Marcelo Martinez de Giorgi, ended the inquiry into Milei’s involvement in the launch of the $Libra token, which saw a brief surge before failing.
Judge Martinez de Giorgi stated, “The reported events do not constitute a criminal offence,” asserting that the losses suffered by investors and the fluctuations in the cryptocurrency’s value were not enough to prove fraud. He noted that while Milei’s position might have amplified the token’s visibility when he advertised it, this did not equate to a fraudulent scheme.
Milei initially promoted the lesser-known meme coin in a February 2025 post on X, which he later deleted, distancing himself from the cryptocurrency as its value plummeted. The judge also dismissed an investigation into US businessman Hayden Davis, who described himself as a “launch adviser” for the token. Davis maintains he held nearly $100 million after the crash and denies any wrongdoing.
In a statement shared on X by the presidential office, it declared, “For the first time in history, a President of the Nation was investigated with complete freedom, resulting in absolute proof of his innocence.” The office questioned who would be accountable for the waste of taxpayer money and presidential time in this failed inquiry.
Milei is considered a close ally of former US President Donald Trump, who endorsed him last year and has referred to him as his “favourite president.” Trump’s support appears contingent on Milei’s party winning in elections.
Since taking office in 2023, Milei has implemented severe austerity measures, including significant layoffs, ministry closures, subsidy cuts, and reductions in government programmes aimed at combating high inflation, which has reportedly fallen to about 2% monthly. He claims these measures are yielding results, asserting that Argentina has experienced 27 consecutive months of growth at a rate four times higher than historical norms. Following the coin’s collapse, Milei claimed he acted “in good faith” and accused political rivals of exploiting the incident.
