The judge said President Javier Millay’s role in launching the cryptocurrency did not amount to a fraudulent scheme.
Published October 24, 2026
An Argentine federal judge has dropped a criminal investigation into the collapse of a cryptocurrency promoted online by President Javier Millay and his sister Karina Millay.
Judge Marcelo Martínez de Giorgi issued the ruling on Friday, closing an investigation into Millay’s role in the launch of the Libra token, which crashed after a brief rally, according to court records.
Recommended stories
list of 3 itemsend of list
In his ruling, the judge said, “The events reported do not amount to a crime.” He also wrote that investor losses and currency price fluctuations are not sufficient to prove fraud.
Martinez de Giorgi said in his ruling that Millay’s organizational status may have given him “greater influence” when he posted about the launch, but it did not lead to a fraudulent scheme.
Javier Millay endorsed this little-known meme coin in a February 2025 post on X. He later deleted the post and denied linking it to cryptocurrencies, but its value quickly plummeted.
The judge also dismissed an investigation into Hayden Davis, a US businessman who described himself as the token’s “launch advisor.” Davis has admitted to holding nearly $100 million after the crash and denies any wrongdoing.
A post shared by the presidential palace to
“The question that remains is who will take responsibility for wasting Argentine taxpayers’ money and the president’s time on a failed coordinated coup.”
Miley and Trump’s friendship
Milley is one of US President Donald Trump’s closest allies. Mr. Trump staunchly endorsed Mr. Trump a year ago, calling him his “favorite president.”
President Trump has made it clear that his support depends on Milley’s party winning.
“I’m with this guy because his philosophy is right,” he said last year before a White House lunch with the Argentine leader. “If he wins, we’ll stay with him. If he doesn’t win, we’ll leave.”
Earlier this month, Milley urged President Trump to come out even stronger in the U.S. midterm elections, saying the vote was important for the entire Western world.
Austerity at home
Since taking office in 2023, Milley has laid off thousands of state employees, closed departments, slashed subsidies and slashed federally funded programs. The measure was meant to combat high inflation, which has fallen to around 2% per month.
Millay said his plans were working, claiming Argentina had grown for 27 consecutive months and was expanding at four times its historic rate.
When the coin crashed, Millais said she acted in “good faith” and accused her political opponents of trying to take advantage of the situation.
