New forensic evidence links Argentine President Javier Milei to the Libra cryptocurrency launch, raising serious questions over undisclosed payments and massive investor losses. Fresh details from an ongoing federal investigation have challenged President Javier Milei’s repeated denials of involvement in the $Libra memecoin project. Court records reveal multiple phone calls between Milei and businessman Mauricio Novelli on the night Milei posted the token’s contract address on X. This single post triggered an explosive surge in the token’s price, pushing its market capitalization to a peak of around $4.6 billion before it collapsed more than 90 percent within hours. Blockchain analytics firm Nansen estimates total investor losses at $251 million, with 86 percent of participating traders recording losses while a small group of early wallets made significant profits.
Phone Records Contradict Public Denials
Prosecutors have obtained detailed call logs showing at least seven conversations between Milei and Novelli around the time of the promotional X post. Additional forensic analysis uncovered several WhatsApp messages exchanged between them during the same period. These communications directly contradict Milei’s public statements that his post was merely a casual mention of an unrelated private project with no prior coordination or involvement.
The scandal first erupted when the token experienced a dramatic pump-and-dump pattern shortly after Milei’s endorsement. Mauricio Novelli, a 30-year-old lobbyist and owner of N&W Professional Traders, had developed a close relationship with Milei since 2021. He had organized cryptocurrency courses for Milei and served as an intermediary for various business interests seeking access to the administration. Records also reference communications involving Milei’s sister, Karina Milei, who serves as chief of staff and holds significant influence in the government.
Draft Agreement and Long-Term Financial Ties
Forensic examination of Novelli’s seized devices revealed a draft agreement proposing a $5 million payment structure linked to Milei’s public support for the project. The document, addressed to “H” (understood to refer to Hayden Davis of Kelsier Ventures), outlined three tranches: an initial $1.5 million upfront, another $1.5 million after a public announcement naming Davis as an advisor, and a final $2 million tied to a formal consulting contract on blockchain and artificial intelligence. The draft reportedly underwent review by both Milei and Karina Milei. While there is no confirmed evidence that these payments were executed, the discovery has intensified scrutiny regarding potential conflicts of interest.
Separate evidence points to a longer-standing financial relationship. Novelli reportedly began making regular monthly dollar payments to Milei starting from late 2021, when Milei was serving as a national deputy. These payments reportedly increased after Milei assumed the presidency. Recovered audio messages also mention additional sums directed toward Karina Milei.
Rapid Collapse and Heavy Investor Impact
The $Libra token was launched on the Solana blockchain through the Meteora decentralized exchange. Following Milei’s post, the price skyrocketed from near zero to over $5 in a short span. Founding wallets holding large portions of the supply sold heavily during the peak, accelerating the subsequent crash. Nansen’s on-chain data indicates that eight linked wallets extracted between $99 million and $107 million in value shortly after the surge. Thousands of retail investors suffered substantial losses as the token lost more than 90 percent of its value.
Argentine prosecutors are continuing their investigation into possible fraud, insider trading, and misuse of public office. A congressional task force was formed to examine the matter but was later dissolved. Opposition lawmakers are now pushing to reopen the inquiry based on the new forensic findings. According to the final congressional report, the evidence appears compatible with alleged fraud and assigns political responsibility to both President Milei and Karina Milei.
Milei’s administration has consistently maintained that the president received no improper benefits and that his single social media post did not amount to an official endorsement or active involvement in the token’s creation or promotion. Prosecutors are still analyzing the full scope of communications, financial flows, and the roles played by various intermediaries.
Key Verified Facts in the Investigation
- Multiple documented phone calls and WhatsApp messages between Milei and Mauricio Novelli around the promotional X post.
- Draft $5 million agreement recovered from Novelli’s devices outlining payments tied to public support.
- Regular monthly dollar payments from Novelli to Milei beginning in 2021, with reported increases after the 2023 election and references to sums directed to Karina Milei.
- $Libra token reached approximately $4.6 billion market capitalization before collapsing over 90 percent, resulting in $251 million in investor losses (per Nansen), with 86 percent of wallets recording losses.
