President Javier Milei’s role in launching the cryptocurrency does not amount to a fraudulent scheme, the judge said.
Published on October 24, 2026
An Argentine federal judge has dropped a criminal investigation against President Javier Milei and his sister Karina Milei following the collapse of a cryptocurrency he was promoting online.
Judge Marcelo Martinez de Giorgi issued the ruling Friday, according to court records, ending an investigation into Milei’s role in the launch of the $Libra token, which crashed after a brief rally.
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“The events reported do not constitute a criminal offense,” the judge said in his judgment. He also wrote that investor losses and the rise and fall in the price of the currency were insufficient to establish fraud.
In his ruling, Martinez de Giorgi said Milei’s institutional position could have given the launch a “greater impact” when he published articles about it, but that does not translate into a fraudulent scheme.
Javier Milei recommended the little-known meme coin in an article on X in February 2025. He later deleted the post and denied any connection to the cryptocurrency, whose value quickly plunged.
The judge also dismissed an investigation into American businessman Hayden Davis, who described himself as a “launch advisor” of the token. Davis admitted he held nearly $100 million after the crash and denies any wrongdoing.
“For the first time in history, a President of the Nation was the subject of an investigation in complete freedom, resulting in absolute proof of his innocence,” we can read in a message shared on X by the official presidential office.
“The question that remains is: who will take responsibility for wasting Argentine taxpayers’ money and the nation’s president’s time in a failed attempt at an institutional coup?
Milei’s friendship with Trump
Milei is one of US President Donald Trump’s closest allies. Trump strongly supported him a year ago and called him his “favorite president.”
Trump made it clear that his support depended on a victory for Milei’s party.
“I am with this man because his philosophy is correct,” he said before a White House lunch with the Argentine leader last year. “If he wins, we stay with him. And if he doesn’t win, we’re gone.”
Earlier this month, Milei urged Trump to emerge stronger from the US midterm elections, saying the vote mattered to the West as a whole.
Austerity at home
Since taking office in 2023, Milei has laid off thousands of state employees, closed ministries, cut subsidies and cut government-funded programs. These measures were aimed at combating high inflation, which had fallen to around 2% per month.
Milei says his plan is working, saying Argentina has grown for 27 consecutive months and growing at four times its historical rate.
When the coin crashed, Milei said he had acted “in good faith” and accused his political rivals of trying to exploit the situation.
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