Judge Dismisses Fraud Case Against President Javier Milei and His Sister

The legal uncertainty surrounding a high-profile cryptocurrency scandal in Argentina has finally ended, leaving supporters and critics to debate whether justice was served or merely procedural. Federal judge Marcelo Martinez de Giorgi has formally dismissed the criminal investigation into President Javier Milei and his sister, Karina Milei. This decision concludes a case that had drawn intense national attention and threatened to upend the political landscape of the region.

The dismissal follows a request from prosecutors who sought to close the file. In his ruling, Martinez de Giorgi stated that the reported events do not fall under a specific legal category. The judge concluded that the evidence was insufficient to prove any criminally relevant deception. This legal finding means that neither the president nor his sister will face criminal charges over the incident.

The controversy began in February 2025 with the launch of a new digital asset called $Libra. The coin gained immediate traction after President Milei posted about it on X, formerly known as Twitter. In that post, the president claimed the coin would help fund small businesses and start-ups. He also shared a direct link for users to purchase the asset. Following this endorsement, the price of $Libra climbed sharply, attracting a wave of new investors.

The momentum reversed quickly. Within a few hours of the initial post, Milei deleted the message from his social media feed. The value of the cryptocurrency plunged almost immediately after the deletion. Most of the individuals who had invested during the brief period of high activity lost the bulk of their money. This rapid rise and fall left many working families who had participated in the market feeling financially exposed.

The episode triggered significant political backlash. Opposition members of Congress moved to plan impeachment proceedings against the president. Online critics were even more vocal, accusing Milei of executing a rug pull. This term describes a scheme where promoters attract buyers for a cryptocurrency and then halt trading to keep the raised funds. The accusations suggested that the administration had manipulated the market for personal gain.

President Milei has consistently rejected these allegations since the incident occurred. In an interview with Todo Noticias, he clarified his role in the situation. He stated, I didn't promote it, I merely shared it. The president argued that he acted in good faith while the coin's value was rising. He maintained that his actions were transparent and that he did not intend to deceive the public.

The president also defended his decision to delete the social media post. He explained that he did not know the details of the project at the time of the initial post. After learning more about the specifics, he decided not to continue promoting it. In a separate television interview, Milei argued that the investors had acted voluntarily. He suggested that those who put money into $Libra understood the inherent risks of the cryptocurrency market.

The presidential office has maintained that Milei had no involvement in the development of the $Libra coin. To address concerns about potential misconduct, the administration announced that the Anti-Corruption Office would examine the matter. This internal review was part of the broader effort to assess whether the president had acted improperly during the incident. The legal dismissal now clears the criminal path, though questions about the political implications remain.

As of the time of this report, the president had not responded to news of the dismissal. The case closure marks a significant moment for the administration, which has faced scrutiny over its handling of digital assets. For many observers, the ruling raises open questions about how future cryptocurrency promotions by public figures will be scrutinized under the law.