Argentinian judge drops fraud investigation into Milei over crypto scandal | Crypto News
Judge Dismisses Fraud Investigation into President Javier Milei’s Cryptocurrency Initiative
An Argentinian federal judge has officially closed a criminal investigation involving President Javier Milei and his sister, Karina Milei, related to the collapse of a cryptocurrency initiative that the president promoted. Judge Marcelo Martinez de Giorgi announced the decision on Friday, stating that the inquiry into Milei’s role in the launch of the $Libra token would not proceed. This particular cryptocurrency experienced a sharp decline in value after a brief period of speculation.
In his ruling, Judge Martinez de Giorgi concluded that the events surrounding the launch did not meet the criteria for a criminal offense. He noted that the losses incurred by investors and the fluctuations in the currency’s value were insufficient to support allegations of fraud.
While Martinez de Giorgi acknowledged that Milei’s position as president may have amplified the currency’s visibility, he maintained that this did not equate to any fraudulent intent. Javier Milei initially promoted the little-known meme coin on social media platform X in February 2025 but later retracted his support and distanced himself from the cryptocurrency as its value plummeted.
The investigation into Hayden Davis, an American businessman who identified himself as a “launch adviser” for the token, was also dismissed by the judge. Davis reportedly held nearly $100 million after the token’s decline and has denied any wrongdoing.
Following the ruling, the presidential office took to social media to emphasize the president’s “absolute proof of innocence” and questioned the accountability of those who pursued the investigation, suggesting it wasted public resources.
In separate news, President Milei continues to align himself with U.S. President Donald Trump, who has previously expressed strong support for him, referring to Milei as his “favorite president.” Trump’s backing was contingent on Milei’s electoral success, emphasizing the importance of political alignment between the two leaders.
Since taking office in 2023, Milei has implemented significant austerity measures, including staff layoffs, ministry closures, and cuts to various government programs, as part of his strategy to combat Argentina’s high inflation. He cites the country’s ongoing economic growth as validation of his policies.
Despite the turmoil surrounding the cryptocurrency, Milei has maintained he acted “in good faith” and criticized his political opponents for attempting to capitalize on the situation.
