According to a recent report by The New York Times, the connection between Argentine President Javier Milei and the now-collapsed crypto project LIBRA is far deeper than previously disclosed. Investigative records show that on the night of February 14, 2025—the launch date of the LIBRA token—Milei engaged in seven separate calls with the project’s architect, Mauricio Novelli.
In February 2025, Milei publicly promoted the Solana-based token on X, driving its market capitalization to over $4 billion. However, the token plummeted by more than 90% within hours after insiders drained approximately $87 million in liquidity, leaving investors with losses totaling roughly $250 million. While Argentina’s Anti-Corruption Office ruled last June that Milei’s actions were personal and cleared him of wrongdoing, the investigation led by federal prosecutor Eduardo Taiano remains ongoing.
Questions of Financial Ties
Beyond the call logs, WhatsApp messages recovered from Novelli’s phone reveal earlier financial links between the two parties. In a 2023 audio message, Novelli instructed an assistant to send Milei the "usual $2,000," referring to it as a monthly salary. Another message from April 2024 mentioned the need to "allocate $4,000" to the president’s sister, Karina Milei. Furthermore, investigators discovered drafts of a $1.5 million payment scheme on Novelli’s phone, which appeared linked to Milei’s appointment of Hayden Davis as a presidential advisor.
Opposition lawmaker Maximiliano Ferraro told The New York Times that the launch and promotion of LIBRA were no accident: "This was a planned, coordinated, and deliberately executed operation."
Currently, there is no direct evidence confirming that Milei agreed to or actually received these payments. Milei has yet to comment on the call logs or the alleged payments, and he has not been formally charged with any crime. Novelli’s legal team maintains that their client is innocent of any wrongdoing and is attempting to have the call logs excluded from the case, citing potential evidence tampering.
Austin Campbell, founder of the crypto risk and compliance firm Zero Knowledge, noted that if the new evidence holds up, authorities may need to reopen the case. Campbell emphasized that the crypto industry has long been plagued by undisclosed payments and illicit promotion, arguing that there is an urgent need for mandatory disclosure regulations and stricter criminal and civil penalties for non-compliance.
