An Argentinian federal judge has officially closed a criminal probe into President Javier Milei and his sister, Karina Milei, regarding their alleged involvement in the failure of a cryptocurrency known as the Libra token. Judge Marcelo Martinez de Giorgi ruled on Friday that the promotion of the digital asset did not constitute a criminal offense, stating that the volatile nature of the currency’s price swings and subsequent investor losses were not enough to prove a fraudulent scheme.
The controversy began after President Milei used his platform on X to recommend the obscure meme coin in early 2025. While the token saw a brief spike in value following his endorsement, it quickly plummeted, leading many investors to lose money. Though the judge noted that Milei’s public profile likely amplified the token’s initial impact, he concluded that such influence does not equate to illegal activity. The court also cleared American businessman Hayden Davis, who served as an adviser for the launch despite holding nearly 100 million dollars after the crash.
Following the verdict, the presidential office took to social media to celebrate what they described as absolute proof of innocence. In a sharp rebuttal toward his critics, the administration questioned who would be held accountable for wasting taxpayer resources and attempting an institutional coup through a baseless investigation. Throughout the process, Milei maintained that he acted in good faith and suggested that political opponents were simply weaponizing the market crash against him.
This legal victory comes as Milei continues to push through aggressive austerity measures at home while strengthening ties abroad. Having shuttered ministries and slashed subsidies to curb runaway inflation, he maintains that his economic shock therapy is yielding results. On the global stage, he remains one of Donald Trump’s most vocal allies, sharing a philosophical bond rooted in right-wing populism and free-market economics.