Argentine Court Clears Milei and 10 Others in LIBRA Case

Argentine federal judge Marcelo Martínez de Giorgi dismissed the LIBRA token case on Oct. 23, clearing President Javier Milei, his sister Karina Milei (the presidency's secretary general) and nine others of criminal wrongdoing, according to Infobae, La Nación and The Block.

Details

Those cleared include Hayden Davis, an adviser on the LIBRA launch, and crypto lobbyist Mauricio Novelli. The judge found no crime: Infobae reports he said prosecutors had not identified a specific false statement that induced buyers to purchase LIBRA, and described the price swings as characteristic of memecoins. Milei's Feb. 14, 2025 post on X, which kicked off the token's rally, was not treated as an official government act, and no secret agreement between Milei and Davis was documented.

Prosecutor Eduardo Taiano himself asked for the dismissal and, per The Block, will not appeal. Investors who had joined as plaintiffs were removed from the case earlier; five of them are asking the Federal Criminal Cassation Court to reinstate them, which would let them challenge the ruling. The Block reports the token's market cap peaked at $4.5 billion before falling about 95%, with insiders cashing out roughly $107 million within hours. The opposition questions the judge's impartiality, noting his wife received a federal appointment 12 days after the plaintiffs were removed.

What it means for the market

The ruling means promoting a token, including by a head of state, was not treated as fraud on its own under Argentine criminal law. The case remains a reminder of how fast a politically driven memecoin can lose most of its value, and the risks for buyers are unchanged. A decision on whether the plaintiffs return to the case is still pending.

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