Argentine Court Closes Fraud Probe Into President Milei Over LIBRA Coin Collapse

An Argentine court has closed a fraud investigation into President Javier Milei over the collapse of memecoin LIBRA.

Al Jazeera reported on October 24 that Federal Judge Marcelo Martinez de Giorgi had decided a day earlier to end the criminal investigation into Milei and his sister, Karina Milei.

The court said the reported incidents did not amount to a criminal offense and that investor losses and sharp swings in the token’s price were not enough on their own to prove fraud.

It added that Milei’s public profile may have had a greater influence on investors when LIBRA was launched, but ruled that this did not constitute fraudulent conduct.

Milei had promoted LIBRA on X, formerly Twitter, in February last year. The token later surged and then plunged, leaving investors with losses. Milei deleted the post and denied any link to LIBRA.

The court also closed its investigation into U.S. businessman Hayden Davis, who advised on the LIBRA launch. Davis had acknowledged holding about $100 million after the token’s collapse, but said there had been no wrongdoing.

Argentina’s presidential office said after the ruling that the president had faced an unrestricted investigation and that the outcome fully proved his innocence.