Argentine Judge Dismisses Criminal Probe into Milei and Associates Over LIBRA Memecoin Promotion
What happened
An Argentine federal judge dismissed the criminal fraud and market manipulation investigation into President Javier Milei, his sister Karina Milei, and nine associates concerning the collapsed LIBRA token.
The Context
* A short-lived endorsement: In February 2025, Milei posted on X promoting the $LIBRA memecoin as a funding vehicle for startups, before deleting the post hours later after the market tanked. * No criminal intent found: Federal Judge Marcelo Martínez de Giorgi ruled there was insufficient evidence of a deceptive scheme or misuse of public resources, concluding that visibility alone does not constitute fraud. * Legal avenues remain open: While the federal prosecutor requested the dismissal to clear 11 individuals, private investor plaintiffs are pursuing cassation court reinstatement to appeal the ruling.
The Number
was withdrawn from LIBRA liquidity pools across eight creator-linked wallets within hours of the initial spike, illustrating how fast liquidity vanishes in speculative token runs.
Takeaway
Expect legal precedents around executive social media endorsements to maintain a high bar for criminal liability, shifting the downside burden entirely onto market participants.
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