Argentinian Judge Clears President Milei in Crypto Scam Probe

An Argentinian federal judge has dismissed a criminal investigation into President Javier Milei and his sister Karina Milei concerning the collapse of a cryptocurrency that Milei had promoted online. Federal Judge Marcelo Martinez de Giorgi made this decision on Friday, according to court records, concluding an inquiry into Milei’s alleged involvement in the launch of the $Libra token, which experienced a sharp decline after an initial rally.

“The reported events do not constitute a criminal offence,” the judge stated in his ruling. He further elaborated that investor losses and the price fluctuations of the currency were insufficient grounds to establish fraud. In his decision, Martinez de Giorgi acknowledged that Milei’s presidential status might have amplified the launch’s impact when he posted about it, but this did not equate to a fraudulent scheme.

Javier Milei had recommended the obscure meme coin in a post on X in February 2025. He subsequently removed the post and disavowed any connection to the cryptocurrency, whose value soon plummeted. The judge also dropped an investigation into US businessman Hayden Davis, who identified himself as a “launch adviser” for the token. Davis has admitted to holding nearly $100 million after the crash and denies any wrongdoing.

“For the first time in history, a President of the Nation was investigated with complete freedom, resulting in absolute proof of his innocence,” declared a post shared on X by the official presidential office. “The question that remains is this: Who will take responsibility for having wasted Argentine taxpayers’ money and the President of the Nation’s time in a failed attempt at an institutional coup?”

Milei maintains a close relationship with former US President Donald Trump, who strongly supported him a year prior and referred to him as his “favourite president.” Trump indicated that his support was contingent on the success of Milei’s party. “I’m with this man because his philosophy is correct,” Trump stated before a White House lunch with the Argentinian leader last year. “If he wins, we’re staying with him. And if he doesn’t win, we’re gone.” Earlier this month, Milei encouraged Trump to secure a strong victory in the US midterm elections, emphasizing the vote's significance for the West.

Since assuming office in 2023, Milei has implemented austerity measures, including laying off thousands of state employees, closing ministries, cutting subsidies, and reducing government-funded programs. These actions were aimed at combating high inflation, which has since decreased to approximately 2 percent per month. Milei asserts that his economic plan is succeeding, citing 27 consecutive months of growth for Argentina, expanding at four times its historical rate. Following the cryptocurrency’s crash, Milei maintained he had acted “in good faith” and accused his political adversaries of attempting to leverage the situation.