Key Points
- Phone logs show Milei contacted Libra-linked entrepreneur during token promotion.
- Prosecutors examine draft payment agreement and investor losses after token collapse.
Argentine President Javier Milei spoke by phone at least seven times with an entrepreneur connected to the Libra crypto token on the night he promoted the project on X, according to call records obtained by prosecutors and reviewed by The New York Times.
The communications reportedly took place before and after Milei’s February 14, 2025 post endorsing Libra as a mechanism to support small businesses and startups in Argentina.
The contents of the calls have not been disclosed, and no specific charges related to the conversations had been filed at the time of reporting.
The existence of the call logs may complicate Milei’s public statements in which he described his endorsement as unrelated to the project’s management.
Libra Token Launch and Market Impact
Following Milei’s post, Libra’s market capitalization rose to approximately $4 billion within hours.
The token later declined by more than 96% from its peak, a drop that prosecutors and analysts have said is consistent with concentrated token holdings and rapid liquidity withdrawals.
Blockchain analytics cited in the investigation indicate that about 86% of investors incurred losses, with more than 114,000 wallets reflecting combined losses estimated between $251 million and $400 million.
In contrast, 36 wallets reportedly recorded profits exceeding $1 million, with some gains ranging from $70 million to $100 million.
Draft Agreements and Legal Proceedings
As part of the inquiry, forensic analysis of a mobile device linked to crypto lobbyist Mauricio Novelli reportedly uncovered a February 11, 2025 draft agreement outlining a proposed $5 million payment structure tied to promotional activities.
The document allegedly detailed staged payments, including an advance and additional sums contingent on public mentions and advisory roles related to the project.
A separate note dated February 16, 2025 reportedly referenced a communications strategy following the token’s collapse.
If authenticated in court, the draft agreement could become a significant element of the evidentiary record being reviewed by Argentine judicial authorities.
Fraud statutes in Argentina carry potential prison sentences ranging from one month to six years.
Lawyers have filed formal fraud complaints related to the Libra promotion, and courts are reviewing evidence to determine whether further actions, including subpoenas or additional proceedings, are warranted.
