Newly uncovered evidence has intensified scrutiny around Javier Milei and his connection to the failed Libra cryptocurrency project. According to call logs reviewed by prosecutors and reported by The New York Times, Milei had seven phone calls with an entrepreneur linked to the Libra token on the same night he publicly promoted the project on social media.
The timing of these communications has raised questions about Milei’s earlier claims that he had no involvement with the initiative. While the content of the calls remains unknown, investigators are examining whether the interactions suggest a closer relationship between the president and the project’s backers than previously acknowledged.
Token Collapse and Investor Losses
The controversy stems from the rapid rise and fall of the Libra token, which Milei promoted in February 2025 as a potential tool to support Argentina’s economy, particularly small businesses and startups. Following his endorsement, the token’s value surged before collapsing by more than 96% from its peak.
The dramatic downturn resulted in investor losses estimated at approximately $251 million, sparking widespread criticism and allegations of a potential “rug pull.” Milei later deleted his promotional posts, stating that he had been unaware of the project’s details and chose to withdraw support after learning more.
“I wasn’t aware of the details of the project,” Milei said at the time, emphasizing that his post was similar to others in which he had highlighted private initiatives without direct involvement.
Legal and Political Fallout
The fallout from the Libra collapse has been significant. Argentine lawyers have filed fraud complaints against Milei, with some political figures even calling for impeachment proceedings. Under Argentine law, fraud charges can carry prison sentences ranging from one month to six years.
Federal prosecutors launched an investigation into the incident, naming Milei as a person of interest. However, Argentina’s Anti-Corruption Office previously cleared him of violating public ethics rules, concluding that his social media activity was conducted in a personal capacity rather than as part of his official presidential duties.
Despite that clearance, the newly revealed call logs could complicate the narrative, potentially prompting further legal and political scrutiny. Authorities have not yet disclosed whether the calls directly relate to the promotion or structure of the Libra token.
Ongoing Investigation and New Developments
The investigation into the Libra project continues to evolve. In a March update, judicial authorities reportedly discovered a draft document on the phone of crypto lobbyist Mauricio Novelli, suggesting a possible $5 million agreement linked to the token’s promotion. The document, written days before Milei’s public endorsement, did not specify the intended recipient of the funds.
This development has added another layer of complexity to the case, raising questions about whether financial arrangements were tied to the promotional campaign.
Broader Implications for Crypto and Politics
The Libra controversy highlights the risks associated with high-profile endorsements of cryptocurrency projects, particularly when public officials are involved. It also underscores the challenges regulators face in addressing potential conflicts of interest in rapidly evolving digital asset markets.
As the investigation progresses, the case could have lasting implications for both Argentina’s political landscape and the broader relationship between crypto ventures and government figures.
