Argentina drops criminal probe into President Milei over crashed memecoin LIBRA

In February 2025, CoinDesk reported that it had obtained text messages in which Davis bragged about buying access to the president’s inner circle, sent money to Karina Milei, and claimed he could influence the president's decisions. Davis subsequently denied making any payments to either Milei or his sister.

Milei promoted LIBRA on X on Feb. 14, 2025, saying the Solana-based token would help fund small businesses in Argentina. It rose exponentially before losing more than 90% of its value, leading to the destruction of over $250 million in investor wealth.

Blockchain researchers found that eight wallets linked to the token's creator had withdrawn around $99 million in crypto, according to the report. Davis said he held close to $100 million after the crash but denied wrongdoing.

Milei later deleted his post and denied ties to LIBRA. He said he had acted in good faith and pulled his support after learning more about the project.

In an official statement, the president's office said the judge granted a prosecutor's request to dismiss the case because the acts under review did not constitute a crime. It characterized the probe, opened ahead of Argentina’s 2025 midterm elections, as an attempt to harm Milei’s reputation in an election year.