An Argentine federal judge dismissed the criminal case over the LIBRA token ($LIBRA) against President Javier Milei and 10 others, finding investigators had not established a specific deception tied to purchases that left more than 40,000 buyers with losses.
Federal Judge Marcelo Martínez de Giorgi issued the order Friday, Oct. 23, after accepting prosecutor Eduardo Taiano's request. It covered Milei, his sister, Karina Milei, the General Secretary of the Presidency, and nine other defendants. The case involved allegations of fraud, abuse of authority, dealings incompatible with public office and influence peddling.
The inquiry stemmed in part from Milei's Feb. 14, 2025, post on X describing $LIBRA as a private initiative to finance Argentine businesses. Martínez de Giorgi said investigators had not identified a particular untrue claim that persuaded purchasers to buy. The evidence also did not show that the post was an official government act or involved state resources.
The order recorded about $100 million in withdrawals from a small number of wallets, as well as losses among more than 40,000 buyers. The withdrawal figure was not presented as a total estimate of investor losses. The judge said the token's rise and sharp decline, together with buyers' losses, were not enough on their own to prove fraud.
Martínez de Giorgi also found insufficient evidence for the allegation that Karina Milei received money to arrange meetings with her brother. No defendant had been called for formal investigative questioning before the dismissal.
A review of the ruling by fact-checking outlet Chequeado noted unresolved questions about the content of some calls involving Milei and Mauricio Novelli, as well as the tracing of funds.
The order directs that the case file be archived after it becomes final. Investors challenging their removal as private complainants have appeals pending before Argentina's Federal Criminal Cassation Court. As of Saturday, Oct. 24, the dismissal had not become final, and no decision date had been reported for the appeals.
