Overview
- The Sala I of the Cámara Federal confirmed on Friday that five purchasers — Alan Vega, Braian Quintero, Matías Paris, Juan Marchetto and Martín Romeo — cannot act as private plaintiffs because they did not show a concrete falsehood or scheme that induced their purchases.
- The court upheld Judge Marcelo Martínez De Giorgi’s earlier decision to exclude the five on an exception of falta de acción and said the evidence gathered to date makes the initial fraud hypothesis less persuasive.
- Magistrates stressed that losses can reflect the high volatility and unregulated nature of memecoins and that buyers assume those market risks rather than automatically becoming proven victims of a criminal ardid.
- The ruling noted factual elements in the file — including a rapid price spike and collapse after early sales reportedly tied to the token’s creators that may have allowed withdrawals of about u$s100 million and mentions of developers Julian Peh and Hayden Mark Davis with local agent Mauricio Novelli — but it did not resolve criminal liability.
- The decision does not close the investigation: the public prosecutor’s inquiry can continue, the excluded investors may appeal to higher courts, and the case could shape how Argentine courts require proof of individual harm in future crypto fraud claims.