New Forensic Evidence Emerges in Argentina’s Libra Token Scandal
Forensic analysis of a key figure’s mobile device has uncovered new documentary evidence linking Argentine President Javier Milei’s public promotion of the Libra (LIBRA) memecoin to a proposed financial agreement, according to reports from Argentine media outlet El Destape. The findings stem from a judicial investigation into the token’s explosive launch and subsequent crash, which wiped out hundreds of millions in investor value and triggered political fallout.
The recovered data originates from the iPhone of Mauricio Novelli, a crypto lobbyist with connections to the Argentine presidential circle. Investigators, led by prosecutor Eduardo Taiano, made the expert materials public, revealing screenshots of a draft note written in English on February 11, 2025—just three days before President Milei posted about Libra on the social platform X.
The document, addressed to “Hello friends,” opens with a reference to “the final agreement discussed with H.” Investigators and reporting sources believe “H” refers to Hayden Davis, a known crypto entrepreneur. The note then outlines a specific, three-part payment structure totaling $5 million.
Details of the Proposed $5 Million Payment Structure
The draft agreement breaks down as follows:
- $1.5 million: To be paid in “liquid tokens or cash as an advance.”
- $An additional $1.5 million: Also in “liquid tokens or cash,” contingent on Milei announcing on Twitter (X) that his advisor is “Hayden Davis/Kelsier/the Davis family.”
- $2 million: In “tokens or cash” for a contract signed in person with Milei for “blockchain/AI consulting for the Argentine government and/or Javier Milei,” to be reviewed with Milei and his sister, Karina Milei.
Critically, the draft note does not specify the ultimate recipient or recipients of these funds. This ambiguity is a central focus of the ongoing judicial probe. The timing of the document—written immediately before the presidential endorsement—suggests a pre-arranged linkage between the public promotion and the financial terms.
Separate Note Suggests Crisis Management Planning
In a second piece of evidence, forensic experts recovered a different note drafted on February 16, 2025. This date is significant, as it falls two days after the Libra token’s value plummeted and the scandal erupted publicly across social media and news outlets.
The note, written in Spanish and translated by El Destape, appears to be a draft of a public statement intended to mitigate the crisis. The opening line reads: “This is what I want for the tweet. This is the only thing that saves him, me, and us.” The proposed message would express support for the Libra project while denying any personal financial involvement, instead attributing the accusations to political opponents.
Authorities investigating the case believe this draft statement was prepared for President Milei to disseminate via social media or in a media interview as the controversy intensified. The existence of such a pre-planned narrative suggests an awareness of potential reputational damage from the outset.
The Libra Token’s Meteoric Rise and Catastrophic Fall
The scandal’s origin point was President Milei’s February 14, 2025, post on X, where he promoted the Libra token, describing it as a project to “boost the Argentine economy.” Following the endorsement, the token’s market capitalization briefly soared to approximately $4 billion. However, this valuation was extremely short-lived. Within hours, the price collapsed by roughly 94%, a classic pattern of a “pump-and-dump” scheme in the memecoin space.
The rapid destruction of value led to substantial losses for retail investors who bought in following the presidential endorsement. The event prompted opposition lawmakers in Argentina to immediately initiate impeachment proceedings against Milei, arguing he abused his office for personal or political gain. Milei has consistently denied any wrongdoing, stating he merely “spread the word” about a project he believed in and had no financial agreement.
Key Connections and Ongoing Investigation
Call record analysis places Novelli in Dallas, Texas, at the time of Libra’s launch. Records indicate he communicated with both President Milei and his sister and close advisor, Karina Milei, in the window surrounding the president’s promotional post. As the online crisis developed, Novelli also engaged in multiple calls with presidential adviser Santiago Caputo, who was involved in the government’s response strategy.
The combination of the forensic draft agreement, the crisis-management note, and the communication patterns provides a detailed, contemporaneous record for prosecutors. The investigation continues to examine the nature of the relationships between political figures, lobbyists like Novelli, and crypto entrepreneurs such as Hayden Davis, and whether the $5 million structure outlined in the draft was ever formalized or executed.
This article is based on reporting from Argentine outlet El Destape and forensic materials entered into the official judicial record. Cointelegraph’s coverage adheres to its Editorial Policy, emphasizing independent verification and factual accuracy. Readers are encouraged to consult primary sources as the legal process unfolds. Read Cointelegraph’s full Editorial Policy here.
