Argentina: $LIBRA investors to file civil suit after mediation fails

A group of investors claiming to have been harmed by the launch of the crypto asset $LIBRA plan to file a civil lawsuit for damages and injuries in Argentine civil courts, after failing to reach an agreement in a mandatory mediation session. The hearing took place with the lawyers of Mauricio Novelli and Manuel Terrones Godoy, two of the defendants in the criminal case.

Counsel for the affected savers, Nicolas Oszust, is currently determining the amount of the claim and the final list of defendants, which according to sources close to the victims would include President Javier Milei. During the mediation called the previous year, neither Milei nor his sister Karina appeared or sent legal representation.

The figures varied according to the source, with original filings mentioning 30 savers; earlier coverage spoke of 25, both Argentine and foreign, with direct damages estimated at 4.5 million dollars. The amount of the lawsuit is undetermined. Separately, the criminal investigation estimates that the maneuvers may have enabled the withdrawal of around 100 million dollars through a small number of digital wallets.

The criminal case began after Milei posted a message on the X platform on February 14, 2025, presenting a contract to acquire the token, initially described as a tool to boost local business ventures. Investigate whether a presumed fraud occurred. There is no conviction or formal accusation resolved. The case is at a critical moment.

Federal judge Marcelo Martínez De Giorgi removed five pleas when hearing an application from Oszust, a decision the victims appealed. Federal Chamber I will hold a hearing on August 10 in Comodoro Py to determine if they regain that status. If they do not, the investigation will proceed solely under the direction of prosecutor Eduardo Taiano, whose actions are questioned by the plaintiffs.

Among the lawyers representing the victims is Juan Grabois, an opposition political leader. The court is composed of Mariano Llorens, Leopoldo Bruglia and Pablo Bertuzzi, and is in the process of reconstitution. The government submitted the drafts of Bertuzzi and Pablo Yadarola to the Senate, which the Commission of Accords will deal with on August 12; Bruglia, transferred to the tribunal in 2018 alongside Bertuzzi, filed a claim to the Inter-American Commission on Human Rights to remain in office.

If the replacement is not completed before the judicial hearing, it will determine the current composition. Before the judicial hearing, the judge ordered the freezing of crypto asset addresses at the prosecutor's request. Among the pieces of evidence are transfers from businessman Hayden Davis to virtual accounts in the weeks prior to the launch and a note found on Novelli's phone referring to a presumed agreement for five million dollars. Neither of those details have been proven.