Argentine President Javier Milei and other individuals investigated over the launch of the Libra meme coin have been cleared of the charges in the case, after a federal court found insufficient evidence linking the defendants to the alleged crimes. The ruling marks a significant development in a controversy that followed Milei’s public promotion of the token in February 2025 and the subsequent collapse in its market price.
The decision was issued by Buenos Aires Federal Criminal and Correctional Court No. 8 following a petition from public prosecutor Eduardo Taiano. Federal Judge Marcelo Martinez de Giorgi concluded that the available evidence did not establish that a fraud had been committed or demonstrate criminal responsibility on the part of Milei and the other defendants.
The court noted that Libra had been launched and operated on the blockchain, while the investigation did not establish promises of future profitability sufficient to substantiate the alleged scam. It also emphasized that losses incurred in the highly volatile meme coin market were not, by themselves, proof of fraud.
Milei became a central figure in the investigation after promoting Libra on social media shortly after its launch. The token initially attracted substantial attention before its price collapsed within hours, leaving more than 40,000 investors affected and generating estimated losses of nearly $110 million.
Investigators examined whether the president’s endorsement constituted abuse of authority or involved other forms of improper conduct. However, the court found that his post had been made in a personal capacity and did not constitute an institutional or administrative act that would support the abuse-of-authority allegations.
The ruling also dismissed allegations involving incompatible negotiations and influence peddling. Among those investigated was Karina Milei, the president’s sister and General Secretary of the Presidency, who had been accused of receiving payments in exchange for access to the president and arranging meetings. The court found insufficient evidence to support the allegations against her.
The decision shifts attention back to the broader question of accountability in cryptocurrency markets, where public endorsements, speculative demand and concentrated token holdings can contribute to sharp price movements. While the court concluded that the evidence did not establish the alleged crimes in this case, the financial losses experienced by investors remain a separate issue from the legal question of criminal liability.
The Argentine decision follows a separate development in the United States, where a class-action lawsuit involving RICO and related allegations against Kelsier Ventures and other defendants was reportedly dismissed earlier in October. The two proceedings are legally distinct, and their outcomes do not necessarily establish that every potential claim connected to the token has been resolved.
Meanwhile, an independent trust established in May was reportedly intended to distribute more than $110 million from Libra token sales to Argentine entrepreneurs through a grants program before November. Further details about the distribution of those funds have not been provided in the supplied report.
The court’s decision represents a major legal development for Milei and the other defendants, but it does not reverse the losses suffered by token holders or establish that investors will receive compensation. The distinction between a failed speculative investment and a legally proven fraud remains central to the case, highlighting the challenges of pursuing accountability when volatile digital assets lose value rapidly.
