Libra crypto probe renews questions about Milei’s involvement in a scam

Argentine President Javier Miley spoke on the phone with a businessman linked to the Libra cryptocurrency at least seven times the night he promoted the cryptocurrency on

Call records, obtained by prosecutors investigating the collapse of the cryptocurrency Libra as part of an ongoing Argentine judicial investigation, indicate that the communications occurred before and after Milei published his February 14, 2025 post on X promoting Libra as a way to grow Argentina’s economy by financing small businesses and startups.

The contents of the calls have not been determined, and no specific charges have been filed for these communications as of publication date.

🚨News: New court documents reviewed by The New York Times reveal undisclosed calls and link to possible payments @JMieliPresident of Argentina, to $libra Launch a token.

Phone records and messages challenge Miley’s claim of non-involvement, reigniting the cryptocurrency scandal… pic.twitter.com/UKTKF820Jc

– Solana Floor (@SolanaFloor) April 6, 2026

We suspect that the importance of call log evidence lies not so much in what the conversations—which remain anonymous—contain as in what its presence does to the legal structure of Miley’s defence: a boss who describes his promotional position as a spontaneous, disconnected act to highlight a special project faces a materially more difficult evidentiary situation when contemporaneous call logs place him in repeated telephone contact with the project manager at the precise moment of that promotion.

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The Libra crypto token: release mechanisms, collapse architecture, and the emerging proof ledger

The mechanism for launching the Libra cryptocurrency token works as follows: On February 14, 2025, Milei published a post on

The coin then lost more than 96% of its value from its peak — a collapse that Argentine prosecutors and outside analysts described as consistent with a coordinated liquidity withdrawal, given that nearly 70% of the tokens were owned by project insiders at launch.

Nansen data cited in the event’s analytics indicates that approximately 86% of Libra investors recorded losses, with approximately 114,410 invested portfolios sustaining combined losses estimated at between $251 million and $400 million, impacting an estimated 44,000 individual participants.

By contrast, thirty-six portfolios each recorded profits exceeding $1 million, with some recording gains in the $70 million to $100 million range—a distribution that The Economist noted was consistent with insiders acting on prior knowledge of Miley’s promotion.

The broader picture of evidence gathered by prosecutors extends beyond call records. A forensic analysis of an iPhone linked to cryptocurrency lobbyist Mauricio Novelli — who developed relationships with Miley during the pandemic around 2021, through online trading sessions and subsequent monthly payments that continued into the presidency — revealed a draft agreement dated February 11, 2025 outlining a $5 million payment structure tied to Miley’s promotional activities: $1.5 million as an advance, and another $1.5 million contingent on Miley identifying project advisor Hayden Davis (also reported identified in the proceedings under the name Kelsier) on X, and $2 million associated with a blockchain and artificial intelligence consulting contract signed with Milei and/or his sister Karina Milei.

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

We believe that the draft agreement, if authenticated and admitted into evidence, would represent the most structurally damaging document that could emerge from the investigation – not because it establishes guilt directly, but because it shifts what prosecutors must argue by inference into a contemporaneous written record of the pay-for-promotion structure allegedly negotiated at the presidential level.

Argentina’s fraud laws provide penalties ranging from one month to six years of imprisonment, and Argentine lawyers have already filed formal fraud charges against Miley in connection with his promotion of Libra – an action that could, depending on the judicial outcome, intersect with parallel calls for his impeachment that have been made in the Argentine legislature. The complainants have separately requested that Miley be summoned as a suspect and declared unfit for office, and the courts are currently reviewing the evidentiary record for the purpose of issuing subpoenas.

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