Argentina court dismisses Milei $LIBRA case

Federal Judge Marcelo Martínez de Giorgi said the reported events did not fit a criminal offense and that the price spike-and-crash alone did not prove a “penalmente relevante” deception. The court also found no proof that Karina Milei received payments for arranging meetings between the token’s promoters and the president, rejecting a key allegation that had widened the case beyond the cryptocurrency launch itself.

The case centered on a February 2025 post in which Milei boosted the little-known $LIBRA project on X before deleting the message. The token briefly surged, then imploded, prompting accusations that a small group of insiders made millions while thousands of retail buyers were left holding losses.

The dismissal also covers nine other defendants, including Hayden Davis, one of the token’s promoters, and follows a New York court’s rejection in September of a related class action on procedural grounds. Milei quickly hailed the ruling on X, saying “the truth ends up prevailing,” while opposition lawmaker Maximiliano Ferraro denounced it as an act of impunity.

For markets, the episode is less about the token itself now than about what it says on Argentina’s investment climate: Milei is spared a damaging legal battle, but the case has reinforced how quickly crypto speculation, politics and investor losses can collide in a country still trying to rebuild trust. The next watchpoint is whether any parallel civil claims, congressional scrutiny or fresh regulatory moves reopen the controversy.