An ongoing investigation in Argentina has unveiled a series of phone conversations between President Javier Milei and key figures connected to the controversial LIBRA token project in 2025. The LIBRA token, which initially surged in value after its market debut, quickly collapsed, leaving investors with substantial losses. Authorities have traced millions of dollars in losses to the project’s downfall, while eight digital wallets linked to the token were found to have profited significantly.
Allegations against Milei and the widening probe
Javier Milei has served as Argentina’s president since 2023 and previously gained recognition for his outspoken positions on economic matters. The LIBRA token project drew widespread attention and popularity after Milei publicly voiced his support for it on social media. His endorsement contributed to the token’s rapid rise in the market, fueling both public interest and investor optimism.
In light of growing concerns, federal prosecutors launched a formal inquiry into both President Milei and Mauricio Novelli, a prominent name in Argentina’s crypto sector. As part of the probe, investigators determined that Milei and Novelli spoke by phone seven times on the night the LIBRA token was introduced. The specific content of these conversations has not been made public, leaving open questions about their relevance to the project’s launch and collapse.
A special committee formed in Argentina’s parliament reviewed Milei’s connection to the LIBRA project. Members of the committee found that the president had made a “fundamental contribution” to the initiative and recommended the matter for further parliamentary scrutiny. Lawmakers are now expected to examine the president’s role in the project through a legal lens.
Phone records and reports of payment agreements come to light
A report released in March referenced a document discovered on Novelli’s phone that purportedly details an agreement under which Milei would receive $5 million for promoting the LIBRA token. So far, authorities have not shared concrete evidence with the public to support the existence of this payment arrangement.
Additional reports indicated that a series of phone calls took place between Milei and Novelli on the same night the token started trading on exchanges. While LIBRA’s market value briefly topped $4 billion at launch, it suffered a dramatic drop, losing over 90 percent of its value in a short span. Investigators also tracked approximately $107 million in total transactions leaving eight associated digital wallets during the crash.
In June of last year, Argentina’s Anti-Corruption Office concluded that Milei had not violated public ethics rules during the period surrounding the LIBRA token’s launch. The agency emphasized that Milei’s social media support was evaluated as a personal opinion rather than an official act.
Another notable development in the legal proceedings arose when President Milei’s administration decided to shut down a special unit tasked with investigating corruption allegations. This move sparked public debate, as it closely followed a judge’s order allowing a review of bank records belonging to both the president and his sister.
Argentina’s Anti-Corruption Office stated that the president’s public endorsement of the project was treated as a personal view, and authorities did not find any breach of ethical standards during their review.
