BUENOS AIRES, Argentina – A fresh batch of evidence has reignited the political firestorm surrounding President Javier Milei and the collapsed Libra cryptocurrency. According to documents obtained by prosecutors and reviewed by The New York Times, phone logs show seven calls between Milei and a key Libra entrepreneur on the night the president promoted the token. This directly contradicts his repeated claims of having “no connection whatsoever” to the project that later vaporized over $250 million in investor funds.
Libra Token Probe Uncovers Direct Communication
The core of the new allegations rests on call logs. Data from Argentine prosecutors, cited by The New York Times, indicates a series of communications. Reportedly, seven phone calls occurred between Milei and an unnamed founder of the Libra token. These calls happened both before and after Milei’s now-infamous promotional post on the social media platform X in February 2025.
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What was discussed remains a mystery. The contents of those conversations are not known. But their timing is highly suggestive to investigators. Industry watchers note that such frequent contact around a major public endorsement is unusual for a figure claiming mere casual interest.
This evidence forms part of a broader federal investigation into Libra’s collapse. The token surged after Milei’s post, then crashed, losing 96% of its value. The fallout was immediate and severe.
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Mounting Legal and Political Pressure
The financial devastation triggered a wave of legal action. Argentine lawyers have hit President Milei with fraud charges connected to the Libra promotion. Fraud convictions in Argentina can carry prison sentences ranging from one month to six years.
There have also been calls for his impeachment from political opponents. They argue the promotion of a financial instrument that subsequently failed constitutes a grave ethical breach, if not worse.
Milei’s defense has been consistent. He asserts he was simply highlighting a private business venture. After the post, he stated, “I wasn’t aware of the details of the project, and after becoming aware of them, I decided not to keep promoting it, that’s why I deleted the tweet.”
But the newly revealed call logs introduce a significant complication. They suggest a level of direct access and communication that goes beyond a typical public figure’s endorsement of a product. This could signal deeper coordination, though prosecutors have not publicly drawn that conclusion.
A Pattern of Questionable Evidence
The phone logs are not the first piece of evidence to challenge the official narrative. In March 2025, a judicial investigation uncovered a draft document on the phone of crypto lobbyist Mauricio Novelli. This note suggested a possible $5 million agreement tied to Milei’s promotion of Libra.
Critically, the draft was written just three days before the president’s post. It did not specify who would pay or receive the funds. But its existence, combined with the call logs, paints a picture of behind-the-scenes activity.
What this means for investors is continued uncertainty. Many are part of a class-action effort to recover some of the estimated $251 million in losses. The new evidence may strengthen their civil cases, even as the criminal probe continues.
The Regulatory and Ethical Gray Zone
Milei did receive a form of official clearance last year. In June 2025, Argentina’s Anti-Corruption Office ruled he did not violate public ethics rules. Their finding was that his social media post was a personal action, not an official presidential act.
This distinction is vital in law but murky in public perception. A sitting president’s words carry immense weight, regardless of the intended context. The implication is that promoters knew this and sought to use it.
The Libra case highlights a global regulatory challenge. How do authorities treat endorsements from influential figures on decentralized, often unregulated assets? Most countries lack clear rules, creating a wild west for promotion.
Key elements of the Libra scandal timeline:
- February 2025: President Javier Milei posts on X promoting the Libra token.
- Days Later: The token’s value collapses, losing over 96% of its peak value.
- March 2025: A draft note suggesting a $5M deal is found on a lobbyist’s phone.
- June 2025: Anti-Corruption Office clears Milei of ethics violations.
- Ongoing: Federal prosecutors continue investigating, with Milei as a person of interest.
- April 2026: New evidence reveals seven phone calls between Milei and a Libra entrepreneur.
Broader Impact on Crypto and Politics in Argentina
The scandal arrives at a sensitive time for Argentina. The country has grappled with economic instability and high inflation for years. Some citizens turned to cryptocurrencies like Bitcoin as a hedge against the volatile peso.
Milei, a libertarian economist, has expressed general sympathy for crypto concepts. But the Libra debacle has damaged trust. This suggests that even pro-market leaders can become entangled in speculative crypto failures.
The political damage is still being calculated. Milei’s supporters may dismiss the probe as a witch hunt by established opponents. But independent voters could be swayed by mounting evidence of contact with the project’s creators.
For the crypto industry in Argentina, the scandal is a major setback. It provides ammunition for regulators calling for stricter oversight of digital assets. Legitimate projects may now face greater skepticism from a public burned by a highly publicized failure.
Conclusion
The Libra token probe has entered a new phase with the emergence of call log evidence. Seven phone calls between President Javier Milei and a Libra entrepreneur present a direct challenge to his account of arm’s-length promotion. While the contents of those calls are unknown, their existence fuels ongoing fraud investigations and political impeachment calls. The case underscores the high-risk intersection of cryptocurrency promotion and political influence, with $251 million in losses and a president’s credibility hanging in the balance.
FAQs
Q1: What is the new evidence in the Libra probe?
According to documents seen by The New York Times, phone logs show seven calls between President Javier Milei and an entrepreneur behind the Libra token around the time of his promotional post in February 2025.
Q2: What has President Milei said about his involvement with Libra?
Milei has consistently denied any connection to the Libra project. He stated his post was support for a private venture and that he deleted it after learning more details.
Q3: What are the potential legal consequences for Milei?
He faces fraud charges from private lawyers, which in Argentina can lead to prison sentences of one month to six years. A separate federal investigation is ongoing.
Q4: Was Milei previously cleared of wrongdoing?
In June 2025, Argentina’s Anti-Corruption Office cleared him of violating public ethics rules, determining his social media post was a personal act, not an official one.
Q5: How much money did investors lose in the Libra collapse?
Estimates indicate investors lost at least $251 million after the token lost more than 96% of its value following Milei’s promotion.
This article was produced with AI assistance and reviewed by our editorial team for accuracy and quality.
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