A federal court in Argentina has closed a big crypto fraud case. The case involved the country’s president, Javier Milei. On October 23, 2026, a federal judge dismissed all criminal charges. The judge is named Marcelo Martinez de Giorgi. His ruling clears Milei of all wrongdoing. It also clears ten other people. The legal fight centered on a digital coin. The token was called LIBRA.
The legal fight started in February 2025. President Milei posted about the LIBRA coin on his personal web feed. In the post, he called LIBRA a private project. He said the project aimed to fund small Argentine shops. He also said it would help new tech startups. Soon after his post, the market value of LIBRA shot up fast. It reached over four billion dollars. This huge rise happened in just a few hours.
The excitement did not last long. Within eleven hours of the launch, the value of the coin crashed. It fell by more than ninety-four percent. Many small buyers lost their savings in the sudden drop. Critics and rivals blamed Milei for the big loss. They accused the leader of misleading the public. They filed formal complaints in federal court. They claimed the president broke the law. They also claimed he abused his high office.
Milei took down his original post right after the price collapsed. He told news reporters that he had no business ties to the coin. He explained that he merely shared news about a new project. He said he did not know the technical details of the token. In media talks, Milei said that buyers joined the project on their own. He argued that crypto trading always carries high market risks.
Judge Martinez de Giorgi studied the facts in a sixty-page ruling. He noted that web posts from a president can build market buzz. Public words can make buyers feel more confident. But the judge ruled that this alone does not prove fraud. The court found no evidence of deliberate trickery by the president.
The judge also reviewed how money moved during the launch. He noted that sharp price drops are normal in digital coin markets. Fast price drops do not mean a crime took place. Under Argentine law, fraud requires proven lies. The court must see clear trickery. Because no deliberate lies were found, the judge dismissed all criminal charges.
The ruling also cleared ten other people tied to the project. One of them is Karina Milei. She is the president’s sister and chief aide. Opponents claimed she acted as a paid agent to sell access to the leader. The court found zero proof to back those claims. The judge also cleared American businessman Hayden Davis. Davis helped advise the token launch. None of the eleven people were ever questioned as
formal suspects.
Federal prosecutor Eduardo Taiano agreed with the court. He asked the judge to close the case file. The presidential office welcomed the court’s decision in a public note. The office stated that the leader faced a full legal review. The review was free and fair. They noted that the ruling offers complete proof of his
innocence.
The LIBRA case drew notice from watchdogs outside Argentina too. In May 2025, stablecoin issuer Circle froze fifty-seven million dollars in digital funds. The frozen funds were tied to the project. Meanwhile, a federal judge in New York dismissed a related investor lawsuit against the token founders.
The court ruling directs staff to archive the case file. This will happen once all legal steps end. Groups of coin buyers had sought to join the suit. But earlier court panels denied their requests. The dismissal brings legal relief to Argentina’s government. It comes as the nation tests new economic rules.
Market experts say the case highlights the risks of celebrity coin promotions. Digital coins can swing wildly in price within minutes. Buyers must always study the facts before putting their money into new tokens. People should never risk cash they cannot afford to lose.