Judge Orders Asset Freeze in Argentina’s “Cryptogate” Case

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Judge Orders Asset Freeze in Argentina’s “Cryptogate” Investigation

Written by Aaron S.,

Editor-In-Chief

Last Updated: November 11, 2025

Key Takeaways

Argentina froze the assets of Hayden Davis and two others linked to the failed Libra cryptocurrency as part of an ongoing fraud probe;
The freeze aims to block movement of possibly illicit funds, with investigators tracking $100 to 120 million in suspected transactions;
The Libra case gained attention after President Milei’s mention of Davis led to the token’s surge and collapse.

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Judge Orders Asset Freeze in Argentina’s “Cryptogate” Investigation

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Authorities in Argentina have taken new action in a cryptocurrency case by freezing the assets of Hayden Davis and two others connected to the failed Libra token.

The asset freeze, ordered by federal Judge Marcelo Martínez de Giorgi, affects Davis, Argentine citizen Orlando Rodolfo Mellino, and Colombian trader Favio Camilo Rodríguez Blanco.

Officials said this step is meant to stop the movement of any funds that might have come from illegal activity. Investigators noted that the total amount involved could range from $100 million to $120 million.

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The case revolves around Libra, a meme-based cryptocurrency that gained sudden popularity in February after President Javier Milei mentioned Davis on X as a blockchain and AI adviser.

Though Milei has not been charged, investigators are focusing on the timing of Davis’s crypto transfers, which reportedly took place around meetings with government officials.

Court records suggested intermediaries converted digital assets into cash during a meeting at the Casa Rosada, Argentina’s presidential office, an event that fueled public debate under the term "Cryptogate".

Judge Martínez de Giorgi stated that the freeze will remain in effect only as long as necessary to preserve evidence and ensure that any recovered assets can be used to compensate victims.

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