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Federal judge Marcelo Martínez de Giorgi dismissed the criminal case against 11 individuals, including Argentine President Javier Milei, regarding the promotion and collapse of the LIBRA meme coin. The 60-page ruling, issued on October 23, 2026, concluded that the token’s market crash did not constitute criminal fraud.
The dismissal clears Milei, his sister Karina Milei, Hayden Davis, Mauricio Novelli, and Julian Peh, among others, of all charges. Prosecutor Eduardo Taiano had requested the dismissal, meaning none of the 11 defendants faced formal questioning as suspects in the matter.
Judge Ruling on LIBRA Deception
In the ruling, Judge Martínez de Giorgi stated that a promotion, a rally, and a crash do not prove fraud alone. The judge added that an economic loss is not automatically a crime. The court found no criminally relevant deception in the promotion and subsequent collapse of the token.
The judge noted that Milei promoted the token from a personal account without using public resources. Investigators were unable to link a note found on Mauricio Novelli’s phone, which described $5 million in payments, to any other individual. The only direct record tying Karina Milei to Hayden Davis was a Casa Rosada entry authorization from July 2024.
LIBRA Price Crash and Reactions
Milei promoted LIBRA on X on February 14, 2025. The token’s market value briefly topped $4.5 billion before falling approximately 95% within hours of the peak. On-chain analysts identified eight wallets tied to the team that cashed out $107 million. Milei later deleted the promotional post and stated he had acted in good faith.
Following the ruling, Milei said justice had put things in their place. He attributed the case to a political and media operation against his government. Opposition deputy Maximiliano Ferraro called the decision a judicial cover-up. Ferraro’s congressional commission found in November 2025 that Milei provided essential collaboration to the project.
Critics also questioned the July appointment of the judge’s wife to a federal court, a position Milei signed by decree. The court has archived the case. Excluded plaintiffs have asked the Federal Cassation Court to reinstate them, a move that could reopen the door to an appeal.
Frequently Asked Questions
Who was dismissed in the LIBRA case?
Federal judge Marcelo Martínez de Giorgi dismissed the case against 11 people, including President Javier Milei, his sister Karina Milei, Hayden Davis, Mauricio Novelli, and Julian Peh.
What was the judge’s reasoning for the dismissal?
The judge ruled that a promotion, a rally, and a crash do not prove fraud alone, and that an economic loss is not automatically a crime. The court found no criminally relevant deception in the promotion and collapse of the LIBRA token.
