Argentina's federal justice system has formally closed criminal proceedings against President Javier Milei and his sister Karina Milei over their involvement in the LIBRA memecoin scandal, a case that drew scrutiny well beyond Argentina's borders as one of the more prominent instances of a sitting head of state promoting a cryptocurrency.
Federal judge Marcelo Martínez de Giorgi dismissed the case in full, concluding there was no evidence whatsoever of fraudulent intent or deliberate deception on the part of the president.
The scandal dates back to last year, when Milei publicly promoted the LIBRA token on X, describing it as a project intended to fund startups. The endorsement from a sitting president sent the token's price sharply higher, reaching $4.55, before Milei deleted the post. The market for the token then collapsed.
Data compiled by analytics firm Nansen showed that 86% of traders involved in the token ended up with losses, with total losses from the collapse estimated at $251 million. The scale of the losses, combined with the president's direct promotion of the asset, prompted the criminal complaints that led to the investigation now closed.
Judge weighs presidential influence
In his ruling, Martínez de Giorgi acknowledged that Milei's institutional position could potentially amplify the weight of his social media posts, a factor that distinguishes a head of state's endorsement from that of an ordinary influencer or private citizen. Even so, the court found no legal basis for a conviction, noting that Milei stopped promoting the token immediately after receiving detailed information about the project.
Milei lashes out at critics
The president reacted to the decision with a lengthy statement posted on X on October 23, 2026, framing the case as a political campaign against him. "And who compensates me now for one year, eight months and nine days full of lies, slander and insults aimed at tarnishing my good name and honor?" he wrote.
He went further, describing the episode as a coordinated effort against him: "The justice system once again put things in their place and a tremendous political and media operation whose sole objective was... was exposed." Milei also directed criticism at journalists who covered the story, calling them "bought journalists and mercenaries of lies."
He closed his statement with a characteristic flourish: "Truth always prevails in the end. Long live freedom, damn it."
The closure of the case removes a significant legal threat that had hung over Milei's presidency since early last year, though the episode remains a reference point in broader European and international debates over the risks of public officials endorsing speculative digital assets.
