Argentina drops criminal probe into President Milei over crashed memecoin LIBRA

Judgment

Judge Marcelo Martínez de Giorgi’s dismissal closes Argentina’s criminal-fraud route against President Milei, Karina Milei and Hayden Davis, leaving LIBRA investors to bear the cost of civil suits or foreign claims; prosecutor Eduardo Taiano is not expected to appeal.

Basis

Judge Marcelo Martínez de Giorgi dismissed the case against President Javier Milei, his sister Karina and U.S. adviser Hayden Davis, clearing 11 people including lobbyist Mauricio Novelli and KIP Protocol CEO Julian Peh, per Reuters and Infobae. The judge accepted that Milei’s endorsement could have given LIBRA "greater impact" but found no evidence of a specific deception needed for fraud; Chequeado reported no evidence Karina sought or received money for access or that LIBRA proceeds reached public officials. Milei promoted the Solana token on X on Feb. 14, 2025, saying it would fund small businesses; it reached about $5 and lost more than 95%, destroying over $250 million in investor wealth. Blockchain researchers found eight creator-linked wallets withdrew around $99 million; Davis said he held close to $100 million after the crash and denied wrongdoing. The mechanism: dismissal reflects a criminal-fraud evidentiary threshold, not a finding that promotion was safe or that civil/regulatory claims are barred.