Argentina drops investigation into President Milei over crypto fraud
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Javier Milei had denied crypto fraud allegations A criminal investigation into Argentine President Javier Milei and his sister's links to a cryptocurrency scandal has been dropped.
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The case against Milei and his sister Karina Milei was dismissed by federal judge Marcelo Martinez de Giorgi at the request of prosecutors, court records show.
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The Argentinian president had denied promoting the newly launched cryptocoin $Libra, which collapsed shortly after he mentioned it in a social media post in February 2025.
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He said he had acted "in good faith" when the cryptocurrency rose in value, before crashing and causing huge losses for the majority of its investors.
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Milei is yet to respond to news of the case being dropped. Dismissing the case, the judge said "the reported events do not fall under a legal category" and concluded that no "criminally relevant deception" had been proven.
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Accusations of fraud arose when Milei posted on X, formerly Twitter, about the $Libra coin, which he said at the time would help fund small businesses and start-ups.
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The cryptocurrency's price subsequently shot up when the Argentine president shared a link to buy it.
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But, within a few hours, he deleted his post and the crypto nosedived in value, losing investors most of their money.
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It led opposition members of Congress to plan impeachment proceedings, while some online accused Milei of a "rug pull" - in which promoters of a cryptocurrency draw in buyers only to stop trading activity and make off with the money raised from sales.
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The Argentinian president, though, insisted in an interview with Todo Noticias: "I didn't promote it, I merely shared it."
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The presidential office insisted that Milei was in no way involved in the development of $Libra and announced that the Anti-Corruption Office would determine whether the president had acted improperly.
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Milei himself defended deleting his post, saying that at the time he did not know "the details of the project and after learning about it, I decided not to continue promoting it".
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He insisted in a TV interview that those who had invested in $Libra had done so "voluntarily" and knew of the risks.
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Argentina's President Milei denies crypto fraud allegations Argentina president faces impeachment calls over crypto crash
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