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Manuel Adorni, Argentina’s cabinet chief and spokesman for President Javier Milei, recently amended his asset declarations to include roughly $513,000 in Bitcoin profits. He says the windfall came from a $200,000 investment made with his wife between 2013 and 2018, generating about $300,000 in gains that he simply hadn’t disclosed before.
The numbers don’t match
When analysts examined one of Adorni’s wallets, they found profits of roughly $60,000 from transactions made during 2017 and 2018. That’s a far cry from the $300,000 in gains he reported in his amended filings.
The amended declarations were filed around June 10-11, which is notable timing. Adorni is currently the subject of an illicit enrichment investigation being conducted by prosecutor Gerardo Pollicita and judge Ariel Lijo.
Several prominent early Bitcoin adopters in Argentina have raised a more fundamental objection: the practical reality of buying $200,000 worth of Bitcoin in Argentina during the period Adorni references would have been extraordinarily difficult. In 2013 and 2014, Argentina’s Bitcoin market was tiny. Liquidity was limited, over-the-counter options were scarce, and moving that kind of money into crypto would have required navigating a landscape that barely existed.
Adding another wrinkle: Adorni had previously suggested his Bitcoin entry point was around 2014 to 2015, which conflicts with the 2013 start date in his current filings.
A pattern of crypto controversy
This isn’t the first time the Milei administration has found itself entangled in crypto-related scrutiny. The $LIBRA memecoin episode, which also remains under investigation, already put the government’s relationship with digital assets under a microscope.
The investigation by Pollicita and Lijo appears to be examining apparent discrepancies in Adorni’s declared financial status more broadly, not just the Bitcoin claims. The amended crypto disclosures are one piece of a larger puzzle about how the cabinet chief accumulated his wealth.
The gap between Adorni’s claimed profits and what blockchain analysis actually shows — roughly $60,000 versus $300,000 — is the kind of discrepancy that’s hard to explain away with rounding errors or wallet complexity. Either there are additional wallets and transactions that haven’t been examined yet, or the numbers in his filings are significantly inflated.
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