Investor appeals Milei dismissal in ‘$LIBRA’ cryptocurrency case

An investor who lost money in the ‘$LIBRA’ cryptocurrency collapse has appealed a court ruling dismissing the investigation into President Javier Milei, his sister and Presidential Chief-of-Staff Karina Milei, and nine other defendants.

Juan Patricio Marchetto, represented by lawyers (and lawmaker) Juan Grabois and Nicolás Rechanik, filed a 40-page appeal challenging the conduct of federal judge Marcelo Martínez de Giorgi and prosecutor Eduardo Taiano.

Martínez de Giorgi last Friday ordered the case closed and archived once the ruling becomes final, agreeing to Taiano’s request to dismiss proceedings against all 11 defendants. None had been summoned to give formal statements as suspects.

The investigation examined suspected fraud and possible financial offences surrounding the ‘$LIBRA’ memecoin, which Milei promoted in a post on X on 14 February 2025. 

The token’s value surged before collapsing, triggering allegations that investors had been defrauded and raising questions about the President’s involvement in its promotion.

Those cleared by the ruling include businessman Mauricio Novelli, who was linked to the project, US entrepreneur Hayden Mark Davis, and former National Securities Commission adviser Sergio Morales.

Marchetto argues that the judge confused insufficient evidence with the absence of a crime, assessed the available evidence selectively and relied on inadequate reasoning to justify dismissing the case.

Among the evidence he says warrants further scrutiny are telephone records showing communications between Milei and Novelli in the minutes before the presidential post. According to the appeal, Novelli made three calls to Milei and received another call from the President shortly before the message appeared.

The filing also points to 87 transactions across 74 cryptocurrency wallets, involving approximately US$13.5 million, recorded seconds before Milei shared the code to purchase the token.

Marchetto argues that the communications, financial transactions and presidential promotion should have been examined together to determine whether there was coordination between those behind the launch and Milei.

He also called for further investigation into the destination of the funds and the completion of forensic examinations of electronic devices linked to other figures in the case.

Marchetto was previously removed from the proceedings as a private prosecutor, a decision upheld by a federal court. His status remains under review by Argentina’s Federal Court of Criminal Cassation, leaving the admissibility of his appeal uncertain.

If he is recognised as having legal standing to challenge the ruling, a higher court could review the decision before the case is definitively closed.