New Evidence in Libra Crypto Probe Renews Questions Around Milei Involvement

Argentine President Javier Milei spoke on the phone with an entrepreneur linked to the Libra crypto token at least seven times on the night he promoted the cryptocurrency on X, according to call logs obtained by Argentine prosecutors and reviewed by The New York Times – new documentary evidence that directly challenges Milei’s repeated public assertion that he had no connection whatsoever with the project whose subsequent collapse cost investors an estimated $251 million.

The call logs, which prosecutors investigating the Libra crypto token’s collapse secured as part of an ongoing Argentine judicial inquiry, indicate the communications occurred both before and after Milei published his February 14, 2025 post on X promoting Libra as a vehicle to grow Argentina’s economy by funding small businesses and startups.

The contents of the calls have not been established, and no charges specific to these communications have been filed as of publication.

🚨NEWS: New court documents reviewed by The New York Times reveal undisclosed calls and potential payments linking @JMilei, president of Argentina, to the $LIBRA token launch.

Phone logs and messages challenge Milei’s claim of no involvement, reigniting the crypto scandal as… pic.twitter.com/UKTKF820Jc

— SolanaFloor (@SolanaFloor) April 6, 2026

We suspect the significance of the call-log evidence lies less in what the conversations contained – which remains unknown – and more in what their existence does to the legal architecture of Milei’s defense: a president who characterizes his promotional post as a spontaneous, disconnected act of highlighting a private venture faces a materially harder evidentiary position when contemporaneous call records place him in repeated telephone contact with a project principal at the precise moment of that promotion.

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Libra Crypto Token: Launch Mechanics, Collapse Architecture, and the Emerging Evidentiary Record

The mechanism of the Libra crypto token’s launch functions as follows: on February 14, 2025, Milei published a post on X identifying Libra as a means to channel capital to Argentine small businesses and startups, a presidential endorsement that drove the token’s market capitalization to approximately $4 billion within hours.

The token then lost more than 96% of its value from peak – a collapse that Argentine prosecutors and outside analysts have characterized as consistent with a coordinated liquidity withdrawal, given that approximately 70% of tokens were held by project insiders at launch.

Nansen data cited in analyses of the event indicates that roughly 86% of Libra investors recorded losses, with approximately 114,410 investor wallets sustaining combined losses estimated at between $251 million and $400 million, affecting an estimated 44,000 individual participants.

Thirty-six wallets, by contrast, each recorded profits exceeding $1 million, with some reporting gains in the $70 million to $100 million range – a distribution that The Economist noted was consistent with insiders having acted on prior knowledge of Milei’s promotional post.

The broader evidentiary picture assembled by prosecutors extends beyond the call logs. Forensic analysis of an iPhone associated with crypto lobbyist Mauricio Novelli – who developed ties to Milei during the pandemic period around 2021, reportedly through online trading courses and subsequent monthly payments that continued into the presidency – reportedly uncovered a February 11, 2025 draft agreement outlining a $5 million payment structure linked to Milei’s promotional activities: $1.5 million as an advance, a further $1.5 million contingent on Milei identifying project adviser Hayden Davis (also identified in proceedings under the name Kelsier) on X, and $2 million tied to a signed blockchain and artificial intelligence consulting contract with Milei and/or his sister Karina Milei.

The draft document reportedly begins with the phrase “Hello friends, This is the final agreement discussed with H.” A separate note from Novelli dated February 16, 2025 – two days after the collapse – reportedly outlines a crisis communications strategy and includes the statement “This is the only thing that saves him, me, and us.”

We suspect the draft agreement, if authenticated and admitted into evidence, would represent the most structurally damaging document to emerge from the probe – not because it establishes guilt directly, but because it converts what prosecutors must otherwise argue by inference into a contemporaneous written record of a payment-for-promotion structure alleged to have been negotiated at the presidential level.

Argentine fraud statutes carry a sentencing range of between one month and six years of imprisonment, and Argentine lawyers have already filed formal fraud charges against Milei in connection with his promotion of Libra – a proceeding that could, depending on judicial findings, intersect with parallel calls for impeachment that have been advanced in the Argentine legislature. Complainants have separately requested that Milei be summoned as a suspect and declared unfit for office, with courts currently reviewing the evidence record for the purpose of issuing subpoenas.

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