Headline: Milei Phone Logs Deepen Scrutiny Over Libra Token Endorsement
Newly reviewed phone records have reignited scrutiny around Argentine President Javier Milei’s unexpected promotion of the so‑called Libra token. Prosecutors’ call logs — first reported by The New York Times — show Milei exchanged seven calls with an entrepreneur tied to the Libra project on the same night he posted about the cryptocurrency on X, with calls occurring both before and after the post. Authorities have not released the contents of those conversations.
The revelations undermine Milei’s earlier claims that he had no formal connection to the initiative. After the post sparked controversy, Milei said he had merely amplified “an alleged private venture” in a personal capacity, denied any direct ties, and said he stopped promoting the project once he learned more about it.
What happened to the token
- Milei’s endorsement in February 2025 briefly sent the Libra token sharply higher, as he described it as a potential funding tool for small businesses and startups.
- The rally quickly collapsed: the token lost more than 96% of its peak value, wiping out roughly $251 million of investor funds and prompting accusations that the episode resembled a rug pull.
Legal and investigatory fallout
- Argentine lawyers have filed fraud complaints against Milei and some politicians have demanded impeachment proceedings.
- Federal prosecutors opened a formal investigation, naming Milei as a person of interest. The probe is actively examining financial links, communications, and the roles of individuals involved in the token’s launch.
- Argentina’s Anti‑Corruption Office concluded in June that Milei did not breach public ethics rules, finding his post was made personally rather than in his role as head of state.
New evidence raises questions
A March judicial update added another wrinkle: investigators say they found a draft note on the phone of crypto lobbyist Mauricio Novelli that referenced a potential $5 million arrangement tied to the Libra promotion. The document — reportedly drafted three days before Milei’s post — did not identify beneficiaries or clarify the arrangement’s purpose.
Why it matters
The unfolding investigation highlights persistent governance and transparency challenges in crypto promotions that intersect with high‑profile political figures. Prosecutors are now piecing together communications and financial trails to determine whether coordination or wrongdoing took place, while legal and political consequences for those involved remain possible.
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