Argentine Court Drops All Charges Against Milei in $110 Million LIBRA Memecoin Case

No Evidence of Fraud, Court Finds

Argentine President Javier Milei no longer faces criminal charges over the LIBRA memecoin, after a Buenos Aires federal court threw out the entire case on Friday. Judge Marcelo Martinez de Giorgi of the Eighth National Federal Criminal and Correctional Court accepted a request from prosecutor Eduardo Taiano and closed the investigation, releasing the written ruling on Friday afternoon. On fraud, the court found no proof of the conduct the complainants described. The LIBRA token had been issued, blockchain nodes showed the project functioning as designed, and the venture promised no future returns; losses recorded in a wildly volatile memecoin market were not, on their own, evidence of deception. The judge also examined whether the speed of the collapse could establish a scam and concluded it could not. On abuse of office, the judges held that Milei shared information about the token in a personal capacity and took no institutional or administrative act, so his promotion did not amount to a misuse of state power. A third branch of the order rejected the bribery and conflict-of-interest allegations outright, including claims that the president's sister, Karina Milei, who serves as General Secretary of the Presidency, accepted money in exchange for access to the president and for arranging meetings; the court found no evidence behind them. Milei entered the case because he promoted the token on X, then known as Twitter, shortly after its launch in February 2025. The token's market cap spiked on his endorsement, then collapsed within hours, leaving more than 40,000 investors with combined losses near $110 million.

Eleven Defendants and a 20-Month Probe

The dismissal covers 11 people, not only the president. The list includes his sister Karina Milei and Hayden Davis, the US businessman described as a launch adviser to the token. Judge Martinez de Giorgi grounded the closure in Article 336(3) of Argentina's Criminal Procedure Code, which lets a court end an investigation when the conduct under examination does not amount to a crime. His order acknowledged that the president's public office may have given the original post greater reach, but stated that these elements alone did not constitute a fraudulent plan. Milei's defense featured prominently throughout the file: he deleted the promotion shortly after publication, denied any connection to the project and argued he had acted in good faith without knowing its details, stopping once he understood what it involved. On-chain researchers, meanwhile, traced roughly $99 million in digital assets out of eight wallets tied to the token's issuer, and Argentina's fintech chamber warned at the time that the launch carried the hallmarks of a rug pull, a scheme built to attract funds and then abandon the token. The ruling is the final stop in a chain of earlier closures. The government dissolved its internal investigation task force, the UTI, in May 2025, and the national anti-corruption office concluded in June 2025 that the president's involvement involved no misconduct. In the United States, an investor class action filed in New York was dismissed in September 2025, and earlier this month a court there also rejected racketeering-based claims against a venture capital firm and other defendants tied to the same token. One thread remains open: an independent trust created in May is scheduled to distribute more than $110 million of the token's sale proceeds to Argentine entrepreneurs as business grants by November, though the allocation method has not been made public.

Taken together, the Buenos Aires dismissal and the parallel US outcomes close the LIBRA file with nobody held liable for the roughly $110 million that investors lost. The order we reviewed ties its result to two specific legs, the token's verified on-chain operation and the absence of any promised return, rather than to the crash itself. That combination gives public figures who endorse volatile tokens a defensible template, and it pushes questions about retail protection toward market structure and disclosure rules rather than criminal law. The trust distribution due by November is the only remaining channel through which any portion of those losses is offset.