Argentine judge dismisses case against Milei over alleged crypto scam

BUENOS AIRES: A federal judge on Friday dismissed a criminal case against Argentine President Javier Milei and his sister, in which they were accused of promoting a suspected cryptocurrency scam that resulted in at least US$100 million in losses for investors.

"The reported events do not constitute a criminal offence," Judge Marcelo Martinez de Giorgi said in a ruling reviewed by AFP.

Milei had hailed the $LIBRA meme coin in a social media post in February 2025, saying: "The world wants to invest in Argentina. $LIBRA."

He deleted the post hours later after the currency crashed. Milei later denied promoting the virtual currency, saying he "did not know the details of the project".

Industry experts have called the operation a "rug pull" — a scam in which developers unveil a crypto token, attract investors and then quickly cash out.

The investigation sought to determine whether a coordinated scheme had taken place, with the president's involvement.

Nine other individuals under investigation were also cleared.

The judge wrote that investor losses and the rise and fall in the currency's price were insufficient to establish fraud.

Investigators also found no proof that Karina Milei, the president's right-hand woman who serves as secretary-general of the presidency, had received payments for facilitating meetings between the entrepreneurs behind the virtual currency and her brother.

"Facilitating a contact or helping to organise a meeting does not, in itself, amount to influence peddling," the judge wrote.