Full Breakdown
Argentine President Javier Milei Cleared in $Libra Crypto Probe
By Drooid · · How we work
Investigation Dropped: No Criminal Offence Found
A federal judge, Marcelo Martinez de Giorgi, dismissed the criminal investigation into President Javier Milei and his sister Karina Milei over the collapse of the $Libra token. The decision also cleared U.S. businessman Hayden Davis, who described himself as a “launch adviser” and reportedly held close to $100 million after the crash.
Promotion and Rapid Collapse of $Libra
In February 2025, Milei posted a link to purchase the newly launched $Libra cryptocurrency on X (formerly Twitter), describing it as a tool to fund small businesses and start-ups. The post triggered a sharp price surge, but Milei deleted the message within hours, after which the token’s value plummeted, leaving most investors with substantial losses. Milei later told local media that he had acted “in good faith,” did not know the project’s details, and that investors had participated “voluntarily” and were aware of the risks.
Official Statements & Responses
The presidential office reiterated that Milei was not involved in the development of $Libra and announced that the Anti-Corruption Office would assess whether any improper conduct occurred. In a statement posted on X, the office claimed the investigation demonstrated “absolute proof of his innocence.” Milei himself has not publicly responded to the judge’s decision.
Criticism and Political Fallout
Opposition members of Congress announced plans to pursue impeachment proceedings, arguing that the episode reflected misuse of presidential influence. Online commentators labeled the episode a “rug pull,” suggesting that the promotion artificially inflated the token’s price before the rapid decline. Critics also questioned the broader impact on Argentine taxpayers, noting the loss of public confidence.
Economic Context
Since taking office in 2023, Milei has pursued aggressive austerity measures, including layoffs of state employees, ministry closures, and subsidy cuts, aimed at curbing inflation, which has fallen to about 2 percent per month. Milei claims the economy has grown for 27 consecutive months and is expanding at four times its historical rate, a narrative he reiterated after the crypto incident, accusing political rivals of exploiting the situation.