An Argentine federal judge has dismissed the criminal case against President Javier Milei and ten other defendants over the February 2025 launch and collapse of the LIBRA meme coin. Judge Marcelo Martínez de Giorgi issued the 60-page ruling on Oct. 23 after prosecutor Eduardo Taiano requested the dismissals, according to La Nación. The decision covers Milei’s sister Karina Milei, U.S. businessman Hayden Davis, Mauricio Novelli, Manuel Terrones Godoy, Sergio Morales, Julian Peh, María Alicia Rafaele, María Pía Novelli, Camilo Rodríguez Blanco and Orlando Mellino.
The judge found that the events did not constitute the criminal offenses investigated. Infobae reported that the prosecutor’s reasoning was accepted: the token’s promotion, price rally, and subsequent collapse were insufficient to establish fraud, and investigators had not identified a specific false statement that caused buyers to purchase LIBRA. The investigation ended with some evidence-gathering measures incomplete, and affected investors remained excluded from participating as private complainants. Challenges to that exclusion were still pending before the Federal Criminal Cassation Court, according to reports.
The case stems from Milei’s brief promotion of LIBRA as a private project supporting Argentine businesses. After his social media post, the Solana-based token briefly rallied to $4.55 before crashing after he deleted the post and distanced himself. Blockchain analytics firm Nansen later found that 86% of LIBRA traders lost about $251 million, while a smaller group made roughly $180 million in profits. Milei has said he acted “in good faith” and was not aware of the project’s details when he shared it.
The Argentine dismissal follows a separate U.S. ruling. In September, New York Judge Jennifer L. Rochon dismissed a class action over LIBRA with prejudice, covering Kelsier, Hayden Davis, former Meteora CEO Benjamin Chow and Meteora. The court had previously released $57.6 million in frozen USDC after finding the defendants complied with restrictions while the funds were locked.
The LIBRA episode illustrates the broader risks of meme-coin endorsements by influential figures. Chainalysis data cited in coverage estimated that crypto scam-related addresses collected at least $14 billion on-chain in 2025, up from an adjusted $12 billion in 2024, with AI-powered impersonations and pig butchering driving much of the growth.
