The legal pressure on President Javier Milei has lifted. A federal judge in Argentina dismissed a criminal fraud investigation into him and his sister. The case centered on a fleeting social media post that sent a new cryptocurrency soaring before it crashed. The court found no proof of criminal deception. Prosecutors themselves asked for the case to be closed.
This dismissal is a significant political victory for Milei. The episode had fueled intense scrutiny and calls for his impeachment from opposition lawmakers. Critics labeled it a classic “rug pull,” where promoters abandon a project and disappear with investors’ money. The swift collapse of the $Libra token after Milei’s post made the comparison inevitable.
Judge Marcelo Martinez de Giorgi delivered the ruling. He stated the events “do not fall under a legal category.” His conclusion was blunt. He found no evidence of “criminally relevant deception” by the president. This legal finding allows Milei to officially move past the scandal. His administration has consistently denied any direct involvement with the token’s creation.
The timeline of events remains stark. In February 2025, Milei posted about $Libra on X. He framed it as a tool to fund small businesses. The token’s price immediately spiked. He deleted the post hours later. The value then plummeted. Many investors lost their entire stake. This sequence created the appearance of market manipulation. It triggered a firestorm of public outrage and legal scrutiny.
Milei’s defense has been consistent. He told Todo Noticias, “I didn’t promote it, I merely shared it.” He claimed he acted in “good faith” and later removed the post upon learning more. In a television interview, he argued investors participated “voluntarily” and understood the risks. The Presidential Office emphasized that the Anti-Corruption Office would review the matter for any ethical breaches, not criminal ones.
The political fallout is real, even with the case closed. Public trust in Milei’s judgment has been challenged. Opposition figures argue the dismissal reflects a flawed judicial system, not innocence. They point to the stark outcome for ordinary Argentines who lost money. The episode underscores the volatile intersection of politics and unregulated digital assets. Leaders wielding influence must navigate this new terrain with extreme caution.
- Legal pressure on Milei has lifted
- Judge dismissed criminal fraud investigation
- No proof of criminal deception found
- Public trust in Milei has been challenged
- Opposition figures denounce judicial flaws
- Lesson on risks in cryptocurrency markets
For investors, the case is a harsh lesson. It highlights the profound risks in cryptocurrency markets, especially with celebrity endorsements. Price movements based on a single tweet are unsustainable. The $Libra incident demonstrates how quickly hype can turn to ruin. Due diligence remains the only reliable defense against such volatility.
The dismissal ends the formal legal threat to Milei. It does not erase the political damage or the financial losses suffered. The story reinforces a modern political truth. A leader’s casual online activity can have severe real-world consequences. The court has spoken on the law. The court of public opinion, however, remains in session.
| Event | Date | Outcome |
|---|---|---|
| Milei’s post about $Libra | February 2025 | Price spiked immediately |
| Post deletion | Same day | Value plummeted |
| Legal investigation initiated | Following events | Dropped by prosecutors |
| Judicial ruling by Judge Martinez | Recent | No criminal deception found |
| Public outrage | Post-event | Calls for impeachment |
| Review by Anti-Corruption Office | Ongoing | Potential ethical breaches |
