Denials clash with emerging evidence

Argentine President Javier Milei is facing renewed scrutiny after new evidence had been found linking him to the Libra project, despite his repeated denial of having any connection to the project.

The controversy stems from Milei’s social post back in February 2025, where he seemingly promoted the Libra token as a tool to support Argentina’s economy by funding small businesses and startups.

Milei endorsement briefly the token’s valuation shooting up before it collapsed by more than 96%, wiping out an estimated $251 million in investor funds.

Milei has consistently denied any involvement, stating that he was merely sharing a private initiative and had “no connection whatsoever” to the project.

"A few hours ago, I posted a tweet, like so many infinite other times, supporting an alleged private venture with which I obviously have no connection whatsoever."

He added that he deleted the post after learning more about the token.

"I wasn't aware of the details of the project, and after becoming aware of them, I decided on to keep promoting it. That's why I deleted the tweet."

However, newly surfaced phone records reviewed by prosecutors and reported by The New York Times appear to challenge that narrative.

The logs show that Milei exchanged seven calls with an entrepreneur linked to the Libra project on the same night as his post, with communication occurring both before and after the promotion. While the contents of the calls remain unknown, the timing has raised fresh questions about the extent of his involvement.

Investigation widens as financial links emerge

The Libra collapse has triggered a broad legal and political response in Argentina. Federal prosecutors have opened an ongoing investigation, naming Milei as a person of interest, while lawyers have filed fraud complaints and some political figures have called for impeachment proceedings.

Additional findings have added further complexity to the case. Investigators reportedly uncovered a draft document on the phone of crypto lobbyist Mauricio Novelli—considered a key figure in the project—referencing a potential $5 million agreement tied to the promotion. The document, written just days before Milei’s post, does not specify recipients, leaving its purpose unclear.

Separately, reports indicate that wallets linked to insiders cashed out more than $100 million during the token’s rise and fall, intensifying concerns over possible coordinated activity.

Despite these developments, Argentina’s Anti-Corruption Office previously concluded that Milei did not violate public ethics rules, determining that his post was made in a personal capacity rather than as head of state.

The federal probe, however, remains active and continues to examine communications, financial links and the broader circumstances surrounding the token’s launch.

Political fallout meets crypto market risk

The Libra episode underscores the growing intersection between political influence and crypto markets, where a single high-profile endorsement can trigger rapid capital inflows—and equally rapid losses.

For Milei, the case represents a mounting test of credibility as new evidence continues to surface. While no direct proof has emerged linking the president to the token’s operations, the call records and financial clues have complicated his defense and extended the lifespan of the investigation.

More broadly, the incident highlights the risks tied to politically amplified crypto projects, where market momentum can outpace transparency.

As regulators and investigators continue to examine the Libra collapse, the outcome may shape how public officials engage with digital assets—and how markets respond to their influence.