Newly surfaced documents are casting a long shadow over Argentine President Javier Milei’s defense regarding the spectacular collapse of the Libra cryptocurrency token. According to reports from The New York Times, Argentine prosecutors have uncovered call logs that paint a very different picture of the president’s involvement. The logs reportedly reveal a total of seven phone calls between Milei and an unnamed entrepreneur behind the Libra project, taking place just before and after his controversial social media endorsement.
This revelation directly contradicts Milei’s previous assertions that he had absolutely no connection to the crypto venture. While the exact contents of these late-night phone conversations remain a mystery, the timing of the calls is raising serious questions among investigators and the public alike as they try to unravel the truth behind the endorsement.
The Uncovered Phone Calls and a $251 Million Crypto Collapse
The saga began in February 2025 when President Milei took to X to actively promote the Libra token. He pitched the cryptocurrency to his massive following as an innovative way to boost Argentina’s struggling economy by funding startups and small businesses. Fueled by the presidential endorsement, the token’s value skyrocketed. However, the success was incredibly short-lived. The token soon plummeted, losing an astonishing 96 percent of its value from its peak. This catastrophic crash left everyday investors reeling, with total financial losses estimated at a staggering $251 million.
Following the sudden collapse, Milei quickly deleted his promotional posts, a move that immediately sparked accusations of a classic crypto “rug pull.” In his defense, the Argentine president vehemently denied any wrongdoing. He released a statement claiming he was simply showing support for what he believed to be a private venture, completely unaware of the project’s underlying details. Milei insisted that once he learned more about the token, he chose to stop promoting it and removed his initial tweet. Despite these claims, the newly discovered timeline of seven phone calls on the very night of his promotion makes his narrative of ignorance increasingly difficult to maintain.
Legal Troubles Mount as Investigators Find Draft Agreement
The fallout from the Libra token disaster has triggered severe legal and political headaches for the Argentine leader. Furious investors and Argentine lawyers have already slapped Milei with formal fraud charges, a crime that carries a potential prison sentence ranging from one month to six years under Argentine law. The scandal has also ignited loud demands from political opponents for his immediate impeachment. While Argentina’s Anti-Corruption Office previously cleared him of violating public ethics rules—ruling that his social media post was made in a personal capacity rather than a presidential one—a broader federal investigation remains highly active and has officially named Milei as a person of interest.
The federal probe took an even more dramatic turn following a recent judicial update. Investigators examining the phone of prominent crypto lobbyist Mauricio Novelli uncovered a highly suspicious draft document. Written just three days before Milei’s infamous promotional post, the note outlines a potential $5 million agreement directly tied to the promotion of the Libra token. Although the draft does not explicitly name who was slated to receive the massive payout, its existence adds a lucrative and potentially damning layer to the ongoing investigation. As federal prosecutors continue to piece together the puzzle, the pressure on President Milei shows no signs of easing.
