New Evidence Suggests Deeper Ties Between Argentine President Milei and LIBRA Meme Coin Scandal
Argentine President Javier Milei may have a more substantial connection to the controversial LIBRA meme coin than his public statements suggest. According to a detailed report by The New York Times, newly recovered digital evidence indicates extensive communication between the president and a key entrepreneur linked to the token’s launch.
The report states that phone logs and messages show President Milei made seven calls to entrepreneur Mauricio Novelli in the period surrounding February 14, 2025—the night the LIBRA token was launched and Milei promoted it on his X (formerly Twitter) account. Novelli is described as a central figure who allegedly coordinated the presidential endorsement and facilitated multimillion-dollar deals tied to the coin, including a purported $5 million arrangement connected to Milei’s support.
Further examination of Novelli’s devices revealed WhatsApp audio messages discussing recurring payments to Milei dating back to his time as a congressman, with specific mentions of amounts directed to his sister, Karina Elizabeth Milei. Draft documents found on the device outline potential payment structures contingent on Milei publicly endorsing a consultant, though no definitive proof of completed transactions has been presented.
A Relationship Forged During the Pandemic
The connection between Milei and Novelli predates the presidential palace. According to El País, their association began during the COVID-19 pandemic when Novelli, through his trading firm N&W Professional Traders, reached out to Milei offering support and online courses.
Investigators analyzing data from Novelli’s phone indicate that Milei began receiving monthly payments from this period onward. By the time Milei assumed the presidency, Novelli had reportedly cemented a position of trust with access to both the president and his sister. Experts interpreting the digital evidence suggest Novelli acted as an intermediary, brokering approvals, tax exemptions, and regulatory favors while simultaneously seeking to leverage Milei’s public profile for commercial gain.
The LIBRA Token Collapse and Presidential Defense
The LIBRA token, launched by Hayden Davis’s firm Kelsier Ventures, experienced a dramatic price surge following Milei’s endorsement, briefly achieving a market capitalization of nearly $4.6 billion. The rally was short-lived. The coin’s value plummeted approximately 85% amid widespread accusations of a “rug pull”—a scam where developers abandon a project and abscond with investor funds.
Blockchain analytics firms estimate total investor losses between $251 million and $400 million. The data paints a stark picture of the distribution of losses: while only 36 wallets realized profits exceeding $1 million each, roughly 114,410 investor wallets incurred losses.
President Milei has consistently maintained that he was simply highlighting a private venture and had no substantive involvement in the token’s creation or launch mechanics. In a post-scandal interview, he minimized the impact, arguing that only a small cohort of investors were affected and that most were foreign professionals.
A critical development occurred last May when Milei dissolved the Investigation Task Unit (UTI) established to probe the LIBRA scandal. The UTI, which had been coordinating with Argentina’s anti-corruption and financial intelligence agencies, had been investigating allegations of insider trading, illicit fundraising, and potential links to public officials before forwarding its findings to the Public Prosecutor’s Office. Its dissolution via Decree 332/2025 effectively halted the official investigative task force.
Disclosure: This article was edited by Vivian Nguyen. For more information on how we create and review content, see our Editorial Policy.
