Judge Marcelo Martínez de Giorgi ruled on October 23, 2026, that the project’s collapse and subsequent investor losses did not constitute a criminal offense. Critics had long anticipated a conviction for the $LIBRA token scandal, yet the court found no evidence of a criminal conspiracy.
Court Clears $LIBRA Defendants
The court’s decision, issued on October 23, 2026, accepted the recommendation of prosecutor Eduardo Taiano to archive the case. The list of cleared defendants includes Davis, Camilo Rodríguez Blanco, and Orlando Mellino.
The reported events do not constitute a criminal offence.
Judge Marcelo Martínez de Giorgi, Federal Judge
The court determined that investor losses and the dramatic price fluctuations of the $LIBRA token were insufficient to prove fraud. The judge acknowledged that Milei’s status as president likely amplified the launch’s impact when he posted about it on social media in February 2025. However, he ruled that this did not equate to a fraudulent scheme.
Argentine Judge Drops LIBRA Criminal Probe Against President Milei and Hayden Davis According to Reuters, Argentine federal judge Marcelo Martínez de Giorgi has dropped the criminal investigation into President Javier Milei, his sister Karina Milei, and U.S. businessman Hayden… pic.twitter.com/LxME8TuBuM
The court also dismissed allegations of abuse of authority and incompatible public office dealings. The judge noted that the president’s posts were not accompanied by administrative acts or the use of state resources. He further concluded that authorizations for entry to the Casa Rosada granted to businessmen linked to the cryptocurrency did not prove an illicit agreement.
Investigation Into $LIBRA Losses
The investigation centered on a social media post made by Milei on February 14, 2025, which read: The world wants to invest in Argentina. $LIBRA.
Following his endorsement, the token’s value spiked to nearly five dollars before crashing within hours. This left more than 40,000 buyers with significant losses.
Critics and industry observers had characterized the episode as a rug pull.
This is a scheme where developers attract buyers before cashing out and abandoning the asset. Estimates suggest that while many suffered, a small group of digital wallets withdrew roughly 100 million dollars.
The court found no evidence of a coordinated criminal conspiracy.
Presidential Office Defends Actions
Following the ruling, the official presidential office shared a statement on X. It framed the investigation as a failed attempt at an institutional coup.
The office characterized the court’s decision as absolute proof of [Milei’s] innocence.
The office questioned who would be held accountable for the time and taxpayer money spent on the inquiry. President Milei has previously described the ordeal as a series of false accusations intended to damage his reputation. He noted in a television interview that he had acted in good faith and initially did not know the project’s details.
BREAKING: ARGENTINA DROPS THE CRIMINAL CASE AGAINST JAVIER MILEI OVER THE $LIBRA MEMECOIN MESS. JUDGE RULED NO FRAUD WAS PROVEN. SISTER ALSO CLEARED. CASE CLOSED. pic.twitter.com/NZzIDhUx8t
It is currently unclear how much public funding was allocated to the investigation. The Argentine leader is a key ally of US President Donald Trump. Trump previously praised Milei’s philosophy by stating, I’m with this man because his philosophy is correct.
🇦🇷 BREAKING: Argentina OFFICIALLY drops the $LIBRA case against President Milei and 10 others, finding NO crime.A federal judge ruled the facts don't constitute a crime, clearing Milei, his sister Karina and Hayden Davis, the American who led the token's launch.On Feb. 14,… pic.twitter.com/YCsd2BdnUS
More on Eduardo Taiano
ARGENTINE JUDGE DISMISSES LIBRA CRIMINAL CASE AGAINST ALL 11 INVESTIGATED, INCLUDING MILEIThe court ruled the conduct did not constitute a criminal offense. Proceedings will be archived once the decision is final.Read more here:https://t.co/zJZQW8BrE3
ARGENTINA DROPS CRIMINAL PROBE INTO MILEI OVER $LIBRA MEMECOINA federal judge in Buenos Aires dismissed the criminal investigation into President Javier Milei and his sister Karina Milei over the $LIBRA memecoin collapse, finding insufficient evidence of fraud.The case… pic.twitter.com/6Y2MVDlswE