Judge dismisses case

Federal Judge Marcelo Martínez de Giorgi dismissed the case against President Javier Milei and his sister, presidential chief-of-staff Karina Milei, over the launch and collapse of the $LIBRA cryptocurrency.

Defendants cleared

The ruling also cleared Mauricio Novelli, Manuel Terrones Godoy, Sergio Morales, Hayden Davis, Julian Peh, María Pía Novelli, María Alicia Rafaele, Camilo Rodríguez Blanco and Orlando Mellino.

Legal reasoning

Martínez de Giorgi ruled that the alleged acts 'do not fall within any legally defined offence' and that the proceedings did not affect the 'good name and honour' of any of the 11 defendants.

“do not fall within any legally defined offence”

Timeline of events

The decision came a year and eight months after Milei promoted the 'Viva la Libertad' project and the $LIBRA contract in a post on his X account on 14 February 2025.

Financial impact

Its price rose from cents to nearly US$5 before collapsing within hours, with a handful of wallets withdrawing around US$100 million and more than 40,000 buyers losing money.

No fraud found

The key to the ruling lies in the legal definition of fraud: Martínez de Giorgi agreed with federal prosecutor Eduardo Taiano that there was no evidence of 'criminally relevant deception'.

“criminally relevant deception”

Project legitimacy

The project existed, the companies were real, transactions were recorded on the blockchain, and no returns had been guaranteed.

No planned operation

The sequence of promotion, price surge and collapse did not 'in itself' demonstrate a planned operation, and Milei's post 'appears' to highlight effects of official policies on markets.

“in itself”

US court dismissal

On September 29, a federal court in New York dismissed a civil lawsuit against Kelsier Labs, citing lack of jurisdiction.

Investigation flaws

An internal inquiry found an employee improperly accessed confidential case documents, compromising the chain of custody and undermining evidential value.

Congressional report ignored

The Chamber of Deputies’ investigative committee presented a 205-page report in November 2025, but the ruling did not mention it or close the case with the same conclusion.

Appointment of Ana Juan

Milei’s government appointed Ana Juan, the wife of Federal Judge Marcelo Martínez de Giorgi, to head the Federal Court of First Instance in Hurlingham.