Argentina Drops Investigation into President Milei Over Crypto Scandal

A criminal investigation into Argentine President Javier Milei and his sister, Karina Milei, concerning their alleged links to a cryptocurrency scandal has been dropped by a federal judge. The decision followed a request from prosecutors, according to court records.

The case stemmed from President Milei's social media posts in February 2025 about a newly launched cryptocurrency called $Libra, which later collapsed shortly after he mentioned it. The cryptocurrency's value surged after Milei shared a link to purchase it, but it nosedived within hours, leading to substantial losses for investors.

Milei had denied acting fraudulently, stating he acted in "good faith" and that he merely shared the information rather than promoting it. He explained that he deleted his post upon learning more details about the project and decided not to continue promoting it. He also asserted that those who invested in $Libra did so voluntarily, acknowledging the inherent risks.

Federal judge Marcelo Martinez de Giorgi dismissed the case, ruling that "the reported events do not fall under a legal category" and that no "criminally relevant deception" had been proven.

Opposition members of Congress had initiated impeachment proceedings following the incident, and some online commentators accused Milei of a "rug pull" scheme. The presidential office had previously stated that Milei was not involved in the development of $Libra and that the Anti-Corruption Office would investigate whether the president had acted improperly.