What Do Phone Records Reveal About Milei’s Involvement?
An investigation in Argentina has found that President Javier Milei held multiple phone calls with a key figure behind the LIBRA token project, a cryptocurrency that surged in value before collapsing and wiping out millions in investor capital.
According to a report citing phone records, Milei had seven calls with crypto lobbyist Mauricio Novelli on the same night in 2025 that he publicly supported the token on social media. The timing places the communications directly alongside the promotional activity that drove the token’s rapid rise.
“Phone logs … show seven phone calls between Mr. Milei and one of the entrepreneurs behind the cryptocurrency on the night in 2025 when Mr. Milei posted about LIBRA on X,” the report stated.
The contents of the calls remain unknown. Milei has denied wrongdoing, but the findings have added pressure to an ongoing federal investigation in which he is named as a person of interest.
How Did the LIBRA Token Collapse Unfold?
The LIBRA token gained traction after Milei promoted it online, briefly reaching a market capitalization exceeding $4 billion. The rally was short-lived. The token fell more than 90% soon after, with a small group of wallets linked to the project extracting $107 million during the peak.
The rapid rise and collapse raised questions about market manipulation and insider coordination, particularly given the concentration of profits among a limited number of participants.
Milei later deleted his social media posts referencing the token, further complicating the timeline of events and public communication around the project.
Investor Takeaway
What Has the Investigation Found So Far?
Investigators have focused on Milei’s interactions with Novelli, who is considered a central figure in the LIBRA project. Reports indicate coordinated communication activity around the token’s launch, including multiple calls between the two on the night of the promotion.
Additional reporting has pointed to a document allegedly outlining a $5 million payment agreement tied to Milei’s promotion of the token. While the authenticity and legal standing of the document remain under scrutiny, it has intensified political and regulatory attention on the case.
A congressional committee previously concluded that Milei provided “essential collaboration” to the project and recommended further evaluation by lawmakers.
Investor Takeaway
Why Does This Matter for Crypto Market Structure?
The LIBRA case reflects persistent weaknesses in token launch practices, particularly in markets driven by social media visibility rather than transparent issuance frameworks. The combination of political influence, concentrated ownership, and limited disclosure creates conditions where price discovery can be distorted.
At the same time, the case reflects broader challenges for regulators in distinguishing between personal endorsements and market-moving activity by public officials. Argentina’s Anti-Corruption Office previously cleared Milei of violating ethics rules, stating that his promotion was personal rather than official.
Despite that conclusion, the reopening of investigative efforts and the emergence of new evidence suggest that legal and regulatory outcomes remain uncertain. The disbanding of a prior investigative task force, followed by court-ordered financial scrutiny, points to ongoing institutional friction around the case.
