Argentine Judge Clears President Milei of Fraud in LIBRA Meme Coin Case

President Javier Milei has been cleared by a federal judge in Argentina regarding the LIBRA cryptocurrency matter. The magistrate determined that the promotion and subsequent collapse of the meme coin did not involve any criminal deception.

Those critical of the ruling view it as an attempt to conceal the truth, and some individuals who initiated legal action are exploring possibilities to challenge the decision through an appeal.

The Judge's Ruling on the LIBRA Matter

Federal judge Marcelo Martínez de Giorgi closed the case involving 11 individuals, which included Milei and his sister Karina, as well as Hayden Davis, Mauricio Novelli, and Julian Peh. Prosecutor Eduardo Taiano had sought this outcome. Consequently, none of the 11 accused were ever formally interrogated as suspects.

The judge wrote in his 60-page decision that a promotion, a price surge, and a decline do not alone establish fraud. He also stated that financial harm does not automatically constitute a criminal act.

Furthermore, the judge observed that Milei made his posts from a personal account, without employing public funds. Investigators also could not connect a note found on Novelli's phone that described $5 million in payments to any other person. In a similar vein, the sole direct link between Karina Milei and Davis was an authorization for a July 2024 entry to the Casa Rosada.

Was LIBRA a Fraud, and What Is the Next Step?

On February 14, 2025, Milei promoted LIBRA on X. The token's market capitalization briefly exceeded $4.5 billion before dropping by roughly 95% within a few hours. Meanwhile, analysts of on-chain data determined that eight wallets associated with the project team withdrew $107 million. Milei subsequently removed his post and stated he had operated in good faith.

Following the court's decision, Milei said that justice had restored order. He also attributed the situation to a political and media campaign against his administration. However, opposition deputy Maximiliano Ferraro characterized the ruling as a judicial cover-up. Ferraro's congressional commission had concluded in November 2025 that Milei offered essential support to the venture.

$LIBRA: Estamos ante una clara operación judicial planificada de encubrimiento e impunidad para Milei y todos los organizadores de la estafa. pic.twitter.com/zLusGGekWB

— maxi ferraro (@maxiferraro) October 23, 2026

Detractors also questioned the July appointment of the judge's spouse to a federal court, a decision that Milei signed through a decree. For now, the case has been archived by the court. However, some plaintiffs not included in the original proceedings have requested the Federal Cassation Court to reinstate them, which might open a pathway for an appeal.