An Argentine federal judge has cleared President Javier Milei in the LIBRA case. The ruling found no criminally relevant deception in the meme coin’s promotion and collapse.
However, critics call the decision a cover-up, and some former plaintiffs still seek a path to appeal.
What the Judge Decided in the LIBRA Case
Federal judge Marcelo Martínez de Giorgi dismissed the case against 11 people, including Milei and his sister Karina. The judge also dismissed the case against Hayden Davis, Mauricio Novelli, and Julian Peh.
Prosecutor Eduardo Taiano had requested the decision. As a result, none of the 11 ever faced formal questioning as a suspect.
In his 60-page ruling, the judge wrote that a promotion, a rally, and a crash do not prove fraud alone. He added that an economic loss is not automatically a crime.
He also noted that Milei posted from a personal account, without public resources. Investigators also could not link a note on Novelli’s phone describing $5 million in payments to anyone else.
Similarly, the only direct record tying Karina Milei to Davis was a July 2024 Casa Rosada entry authorization.
Was LIBRA a Scam, and What Happens Next?
Milei promoted LIBRA on X on February 14, 2025. The token’s market value briefly topped $4.5 billion, then fell about 95% within hours.
Meanwhile, on-chain analysts found that eight wallets tied to the team cashed out $107 million. Milei later deleted his post and said he had acted in good faith.
After the ruling, Milei said justice had put things in their place. He also blamed a political and media operation against his government.
However, opposition deputy Maximiliano Ferraro called the decision a judicial cover-up. His congressional commission had found in November 2025 that Milei provided essential collaboration to the project.
Critics also questioned the July appointment of the judge’s wife to a federal court, which Milei signed by decree.
For now, the court has archived the case. Still, excluded plaintiffs have asked the Federal Cassation Court to reinstate them, which could reopen the door to an appeal.
