The connection between Argentine President Javier Milei and the defunct LIBRA meme coin appears more significant than previously admitted, according to newly revealed phone logs. These records show seven calls between Milei and a principal figure behind the token on its launch night.
In February 2025, Milei endorsed the Solana-based LIBRA on X, boosting its market capitalization over $4 billion before it plummeted by more than 90% within hours. Insiders extracted approximately $87 million in liquidity during this crash, costing investors an estimated $250 million and leading to fraud allegations, a congressional inquiry, and an ongoing federal criminal investigation.
By June 2025, Argentina’s anti-corruption agency had exonerated Milei, determining he acted personally when promoting the token. A New York Times report, citing initial coverage by local news channel C5N, noted that these calls occurred before and after Milei’s now-deleted endorsement post on social media.
“The launch and promotion of LIBRA was not spontaneous or accidental by the president,” stated Maximiliano Ferraro, an opposition legislator. “It was a deliberate, coordinated effort.”
Phone logs from the federal prosecutor’s investigation indicate that calls between Milei and Mauricio Novelli, one of the token’s founders, occurred on February 14, 2025. The same night, Novelli allegedly contacted two of Milei’s senior advisors, including his sister Karina Milei, as per the report.
WhatsApp messages from Novelli’s phone suggest a financial connection prior to the launch. In a 2023 audio message, Novelli instructed an assistant to allocate “the usual 2,000 for Milei,” describing it as a monthly payment. Another message in April 2024 mentioned “the 4,000 we need to give to Karina,” apparently referring to Milei’s sister, according to the Times.
Draft documents on Novelli’s phone outlined a $1.5 million payment plan linked to Milei publicly naming Hayden Davis as an adviser, per the report. However, no evidence has been found indicating Milei accepted or received these payments. The president has not commented on the phone logs or payment references and faces no formal charges.
Novelli’s attorney stated that his client is uninvolved in any misconduct and is seeking to dismiss the phone evidence, claiming potential tampering while in custody.
“If Milei was already cleared, this new evidence could prompt a re-investigation,” Austin Campbell, founder of crypto compliance advisory firm Zero Knowledge, told Decrypt, highlighting investigative challenges. “Crypto’s major issue lies with undisclosed payments and scams,” he added, advocating for stringent disclosure regulations and penalties.
Milei disbanded the government task force probing the scandal in May last year. The federal criminal investigation led by prosecutor Eduardo Taiano is ongoing.
Decrypt has contacted Argentina’s presidential press office for a statement and will update if they respond.