- Investigators uncovered repeated contact between Javier Milei and a LIBRA-linked figure around the token’s promotion.
- The token’s rapid rise and collapse wiped out hundreds of millions, with a small number of wallets extracting large sums.
- Authorities are examining potential financial links and Milei’s involvement, despite his denial of wrongdoing.
Argentine President Javier Milei is facing intensified scrutiny after investigators identified multiple phone calls between him and a central figure behind the LIBRA token around the time of its promotion.
According to a report by The New York Times, phone records show seven calls with crypto lobbyist Mauricio Novelli on the same night Milei posted about the token on X in 2025. Authorities have not disclosed the content of these conversations, but the timing has drawn attention as part of an ongoing federal probe in which Milei is listed as a person of interest.
The LIBRA token experienced a rapid surge in value shortly after Milei’s public endorsement, briefly reaching a market capitalisation above US$4 billion (AU$5.8 billion) before collapsing by more than 90%.
Blockchain data indicated that eight wallets associated with the project withdrew US$107 million (AU$155.15 million), contributing to significant investor losses. Estimates suggest total losses ranged between US$251 million and US$400 million (AU$363.95 million to AU$580 million), affecting over 114,000 wallets.
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Payment Claims Examined
Investigators have also examined alleged financial arrangements linked to the promotion, including a reported US$5 million (AU$7.25 million) agreement connected to Milei’s endorsement. Documents and messages recovered from Novelli’s devices reference potential payments, although there is no confirmation that funds were transferred.
Milei has denied any wrongdoing, stating his involvement was limited to highlighting a private initiative rather than formally backing it. Despite this, a congressional committee previously concluded he provided “essential collaboration” to the project and urged further evaluation of his actions.
Related: Former UK Chancellor Revisits Mini-Budget Fallout, Turns Focus to Bitcoin
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