Court Ends Probe Into Argentine President Over Digital Currency Blunder

The criminal inquiry targeting Argentine President Javier Milei and his sister, Karina Milei, has been formally terminated by a federal court. Judge Marcelo Martinez de Giorgi issued the dismissal after prosecutors submitted a motion to close the matter. In his written decision, the judge determined that the actions described in the complaint did not fit within a specific legal definition of a crime. He further noted that the evidence did not establish any significant deceptive intent on the part of the accused.

The investigation focused on a digital asset known as $Libra, which was released to the public in February 2025. The token experienced a rapid decline in value shortly after the president drew attention to it via a post on the social media platform X. In that post, Milei suggested the new coin could serve as a funding source for small enterprises and startups. He also included a direct link for users to purchase the asset, which led to a sharp increase in its market price.

The surge was short-lived. Within hours of the initial announcement, Milei removed the post from his feed. Consequently, the value of the cryptocurrency plummeted. Most investors who had bought in during the brief period of high demand reported losing the majority of their capital. This sudden volatility sparked significant backlash from the public and political rivals.

Opposition leaders in the national legislature moved to initiate impeachment proceedings in response to the incident. Critics on social media frequently used the term rug pull to describe the event. This term refers to a common scam in the crypto sector where organizers attract buyers and then stop trading, retaining the funds from the sale.

President Milei has consistently denied any wrongdoing throughout the process. Speaking to the news outlet Todo Noticias, he clarified his role in the episode. He stated, I didn't promote it, I merely shared it. The president argued that his actions were taken in good faith while the token's value was increasing.

Regarding the deletion of the social media post, Milei explained that he lacked detailed knowledge of the project's specifics. He added that after learning more about the asset, he chose to stop promoting it. In a separate television appearance, he emphasized that individuals who invested in $Libra did so voluntarily and with a clear understanding of the associated risks.

The presidential office has maintained that the head of state had no part in creating or developing the $Libra coin. The administration also announced that the Anti-Corruption Office would review the situation to determine if any rules had been broken during the period in question. At the time of the original report, the president had not issued a public statement regarding the final dismissal of the case.

This conclusion to the legal process marks the end of a high-profile controversy that threatened to disrupt the administration's early days. The ruling provides a definitive legal assessment of the events that unfolded in early 2025, offering a measure of closure to a dispute that had divided the political landscape.