An Argentine judge has dismissed the criminal case against President Javier Milei and others over the collapsed LIBRA token. The decision separates the impact of his promotion from proof of fraud, while investors’ challenge to their exclusion could determine whether they can appeal.
The ruling covers Milei and other figures linked to LIBRA
An Argentine federal judge dismissed the criminal case concerning President Javier Milei’s promotion of LIBRA, the Solana-based meme coin that collapsed after its February 2025 launch, according to CoinDesk’s account. The dismissal also covered Karina Milei, the president’s sister and presidency secretary general, and Hayden Davis, who had described himself as an adviser to the launch.
CoinDesk reported that 11 people were cleared, citing Infobae, including lobbyist Mauricio Novelli and KIP Protocol chief executive Julian Peh. None had been formally questioned in the proceedings. The scope therefore extended beyond the president’s social media activity to other people associated with the controversy.
The judge distinguished promotional impact from specific deception
Judge Marcelo Martínez de Giorgi acknowledged that Milei’s endorsement could have amplified the launch’s reach, CoinDesk reported, citing reporting based on court records. But he found that the promotional post and the token’s subsequent collapse did not establish fraud without evidence identifying a specific deception.
That distinction is central to understanding the outcome. A prominent endorsement can attract attention to a token, but the ruling did not treat that attention, followed by losses, as sufficient evidence of criminal fraud. The dismissal concerned whether the conduct under examination constituted a crime, rather than whether investors suffered financial harm.
CoinDesk also cited Argentine fact-checker Chequeado as reporting that the judge found no evidence Karina Milei requested or received payments for presidential access. He likewise found no evidence that LIBRA proceeds reached public officials.
The collapse and wallet withdrawals remain the financial backdrop
Milei promoted LIBRA on X on Feb. 14, 2025, presenting it as a way to support small businesses in Argentina, according to CoinDesk. The token surged before falling more than 90%, wiping out over $250 million in investor wealth. Milei subsequently removed the post, denied links to LIBRA and said he had withdrawn support after learning more about the project.
CoinDesk reported that blockchain researchers identified eight wallets connected to the token’s creator that withdrew around $99 million in cryptocurrency. Davis said he held close to $100 million after the collapse, while denying wrongdoing. Those figures describe reported withdrawals and his stated holdings, not a judicial finding that the funds reached government officials.
The distinction between wallet activity and its legal interpretation matters here. Blockchain records can help trace transfers, but identifying a transaction does not by itself establish its purpose, the recipient’s knowledge or a specific deception. The judge’s reasoning focused on the evidence needed to establish the alleged crime.
CoinDesk adds evidentiary detail; The Defiant flags a separate case
The Defiant’s summary also reported the dismissal involving Milei and 10 others, specifically naming Karina Milei and Davis. Its account additionally noted that an investor class action in New York had been dismissed separately in September. That is a distinct proceeding from the Argentine criminal case.
CoinDesk’s fuller account adds the judge’s reasoning, the reported financial losses and the procedural route investors are pursuing in Argentina. The Defiant’s headline and summary do not explain the grounds for the New York dismissal, so they do not support treating the separate decisions as resting on the same legal reasoning.
CoinDesk also revisited its earlier reporting on messages in which Davis claimed he had paid for access to Milei’s inner circle and could influence presidential decisions. Davis later denied paying either Milei or his sister. Those reported claims and denials are distinct from the judge’s finding that evidence of payments to public officials was absent.
The outcome does not turn promotion into project verification
For token holders and project teams, the case illustrates the difference between visibility, financial outcomes and criminal liability. Milei’s support drew attention, the token collapsed, and the judge nevertheless found the evidence insufficient to establish fraud. Those findings address different aspects of the same event rather than cancelling one another out.
Community discovery tools serve another distinct purpose. Coinvote’s community-ranked meme coin listings track 3652 projects, with 48 listed over the last 7 days. Listing activity and community votes describe participation on that platform; they do not answer the evidentiary questions examined in the LIBRA proceedings.
The practical distinction is between checking what a promoter actually said, tracing reported fund movements and establishing what a court decided. In LIBRA’s case, the dismissal should not be confused with a finding that the promotion prevented losses or that the token fulfilled its stated business-funding purpose.
Investors’ status could determine the next appeal
Prosecutor Eduardo Taiano requested the dismissal and is not expected to appeal, CoinDesk reported. The president’s office said the acts examined did not constitute a crime and characterized the investigation as an effort to damage Milei politically. That political characterization came from the presidency.
The unresolved procedural issue concerns investors removed as plaintiffs in July, a decision upheld on appeal in September. They have challenged their exclusion before the Federal Criminal Cassation Court. According to CoinDesk, reinstatement would allow them to appeal the dismissal, making their status the next development to watch.
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FAQ
Why was the LIBRA criminal case against Javier Milei dismissed?
CoinDesk reported that the judge required evidence identifying a particular deception to establish fraud; Milei’s endorsement and the token’s subsequent crash did not meet that requirement. The ruling also found no evidence that LIBRA proceeds reached public officials.
Can LIBRA investors appeal the Argentine dismissal?
Investors are challenging their removal as plaintiffs before the Federal Criminal Cassation Court, CoinDesk reported. If reinstated, they could appeal the dismissal, while the prosecutor is not expected to appeal.
Was the New York LIBRA lawsuit the same proceeding?
No. According to The Defiant, September also saw the dismissal of a separate class-action lawsuit brought by investors in New York. Its summary did not explain the legal grounds for that decision.
Sources
- CoinDesk: Argentina drops criminal probe into President Milei over crashed memecoin LIBRA (2026-10-24)
- The Defiant: Argentine Judge Dismisses LIBRA Criminal Case Against Milei and 10 Others (2026-10-23)
- Coinvote listing and vote data
Written by the Coinvote news desk from reporting by CoinDesk and The Defiant. Not financial advice.
