Recently uncovered phone records point to multiple calls between Argentine President Javier Milei and a Libra-associated entrepreneur.
Summary
- Call records show Javier Milei spoke seven times with a Libra-linked entrepreneur around the timing of his promotional post on X.
- The Libra token surged after the endorsement before losing over 96% of its value.
Phone logs reviewed by prosecutors, and reported by The New York Times, indicate that Milei exchanged seven calls with an entrepreneur linked to the Libra token on the same night he posted about the cryptocurrency on X.
The calls reportedly took place both before and after the post went live, though investigators have not disclosed what was discussed.
Those findings appear to challenge Milei’s earlier insistence that he had no ties to the initiative.
At the time, he framed his involvement as limited to amplifying what he described as a private venture that would support Argentina’s economy.
“A few hours ago, I posted a tweet, like so many infinite other times, supporting an alleged private venture with which I obviously have no connection whatsoever,” Milei said in a statement on X following the fallout.
“I wasn’t aware of the details of the project, and after becoming aware of them, I decided not to keep promoting it,” he said at the time.
The Libra token briefly surged after Milei’s endorsement in February 2025, as he presented it as a tool to fund small businesses and startups. Momentum quickly reversed, with the token losing more than 96% of its value from peak levels.
However, as it fell, it wiped out roughly $251 million in investor funds and triggered accusations that the episode resembled a rug pull.
After the fallout Argentine lawyers filed fraud complaints against Milei, while some political figures called for impeachment proceedings. Under Argentine law, fraud convictions can carry prison terms ranging from one month to six years.
Federal prosecutors opened a formal investigation into the matter, naming Milei as a person of interest. The probe remains active, with authorities continuing to examine financial links, communications, and the role of individuals connected to the token’s launch.
Argentina’s Anti-Corruption Office concluded in June that Milei had not breached public ethics rules, determining that his post was made in a personal capacity rather than as head of state.
New details put Milei under scrutiny
More recent findings, however, have added another layer to the case.
A judicial update in March revealed that investigators had uncovered a draft document on the phone of crypto lobbyist Mauricio Novelli.
The note referenced a potential $5 million arrangement tied to the Libra promotion, drafted just three days before Milei’s post. The document did not specify who would receive the funds, leaving its purpose and beneficiaries unclear.
