An Argentine federal judge dropped the criminal investigation into the LIBRA meme coin promoted by President Javier Milei, citing insufficient evidence to support allegations of fraud.
According to a report by Wu Blockchain citing Reuters, Federal Judge Marcelo Martínez de Giorgi ended the investigation into Javier Milei, his sister Karina Milei, and U.S. businessman Hayden Davis. The ruling stated that Milei’s promotion of the token may have amplified its launch, but that the act alone did not constitute a fraud scheme.
Promotion’s Impact Separated from Fraud Allegations
Milei promoted LIBRA on his X account in February 2025 and deleted the post as the token’s price crashed. The judge’s assessment focused on whether there was sufficient evidence to support the fraud allegations, rather than on the impact of the promotion.
As a result, the criminal investigation into the widely debated promotion and the subsequent price crash ended on the grounds that there was insufficient evidence of fraud.
About $99 Million in Withdrawals Reported from Eight Wallets
Earlier findings by blockchain researchers had also drawn attention in the LIBRA controversy. Researchers reported that eight wallets linked to the token’s creator withdrew cryptocurrency worth approximately $99 million from the trading market.
The latest development following these earlier findings was the dismissal of the criminal investigation into Milei and the two other individuals. The key rationale in the ruling was that the president’s social media endorsement alone could not be considered a fraud scheme.
Not investment advice.