LIBRA Scandal Escalates: Argentine President’s 7 Call Records and $5 Million Draft Agreement Exposed

Deep Tide Introduction: According to phone records obtained by Argentine federal prosecutors and cited by The New York Times, President Milei made 7 calls with the project’s key figure Novelli on the night of February 14, 2025, when he posted the LIBRA token promotion post. Investigators also found a draft of a $5 million promotion payment agreement on Novelli’s phone. The token’s market cap once surged to $4.6 billion before plummeting over 90%, with approximately 114,000 wallets recording losses totaling $251 million. The Argentine Chamber of Deputies has reactivated an investigative committee and will summon senior government officials starting April 8.

Argentine President Javier Milei is facing the most severe political crisis since taking office.

According to The Block, The New York Times published an investigative report on April 6, disclosing that phone records obtained by Argentine federal prosecutors show Milei made 7 calls with Mauricio Novelli, a key intermediary for the LIBRA token project, on the night of February 14, 2025. This was the same night Milei posted the LIBRA token contract address on platform X, igniting this تشفير scam. The calls occurred around the time the promotional post was published, directly contradicting Milei’s repeated previous claims of having “no connection whatsoever with the project.”

The token was created by American entrepreneur Hayden Mark Davis’s company Kelsier Ventures, with insiders controlling about 70% of the supply. After Milei’s promotional post, LIBRA’s market cap skyrocketed from nearly zero to about $4.6 billion within minutes, before crashing over 90% in the following hours. Nansen data shows that about 86% of participating traders recorded losses, with approximately 114,000 wallets suffering a combined loss of about $251 million.

$5 Million Draft Agreement Surfaces, “Personal Action” Defense Crumbles

Beyond the call records, investigators extracted even more damaging evidence from Novelli’s seized phone.

According to crypto.news, a judicial update in March this year disclosed that Novelli’s phone contained a draft agreement involving a $5 million arrangement related to LIBRA promotion, drafted just three days before Milei’s post. While the document does not prove Milei signed or actually received the funds, it contains a clear payment structure: part of the payment was contingent on Milei publicly appointing Davis as a cryptocurrency advisor.

Computer experts also confirmed that the 44-character LIBRA contract code attached in Milei’s promotional post did not appear on any public network channels before his post. This means Milei obtained internal technical information before the token’s public launch.

Furthermore, WhatsApp voice messages reviewed in the investigation show that Novelli had been making regular payments to Milei even during his time as a congressman, with some payments directed to Milei’s sister and presidential chief of staff, Karina Milei. According to previous reports by Argentine investigative media El Destape, related payments doubled in amount after Milei was elected president in 2023.

From “Anti-Corruption Champion” to Person of Interest

This scandal has inflicted far greater political damage on Milei than a typical crypto scam controversy. Milei is currently listed as a “person of interest” in the ongoing federal prosecutor’s investigation but has not been formally charged.

The Argentine Anti-Corruption Office ruled in June 2025 that Milei did not violate public ethics rules, determining his promotional post was a personal action, not an official one. However, this ruling now appears more like political cover than a legal conclusion. Subsequently, in May 2025, Milei dissolved the investigative task force (UTI) that was probing the case via Decree 332/2025, an action taken after the UTI had already submitted its findings on the insider trading investigation to prosecutors. More notably, the dissolution order was signed just days after a judge had ordered the unsealing of bank account records for Milei and his sister.

The prison sentence for fraud in Argentina ranges from 1 month to 6 years. Opposition lawmakers have filed an impeachment motion, and lawyers have formally filed fraud charges against Milei.

Congress Restarts Investigation, Summons Senior Officials Starting April 8

The exposure of new evidence quickly triggered a political chain reaction.

Opposition lawmaker Maximiliano Ferraro announced the formation of a special committee to review the latest evidence. Ferraro stated at a press conference that the launch and promotion of LIBRA was not an impromptu or accidental act, but a premeditated and coordinated operation.

The Argentine Chamber of Deputies began summoning government officials for questioning starting April 8, with high-level figures like Economy Minister Luis Caputo, Justice Minister Mariano Cúneo Libarona, and Cabinet Chief Guillermo Francos expected to testify. However, Milei himself and Karina Milei are not on the initial summons list, and the opposition has stated they will continue to pressure for their appearance.

On-Chain Data Review: A Textbook Rug Pull

On-chain data provides a precise financial picture of this scandal.

At 6:58 PM Argentine time on February 14, 2025, Kelsier Ventures created the LIBRA token on the Solana blockchain. Three minutes later at 7:01 PM, Milei simultaneously posted promotional posts on X, Instagram, and Facebook, including the token contract address. The price of LIBRA surged from $0.000001 to $5.20 within 40 minutes.

According to a previous report by The Block, 8 wallets associated with the project cashed out approximately $107 million during the crash. Nansen data shows that only 36 wallets each profited over $1 million, with some wallets making profits as high as $70 million to $100 million. The Economist described this distribution pattern as consistent with insiders having advance knowledge of Milei’s promotional post.

Milei deleted the promotional post after the crash, claiming he “was not aware of the details of the project.” In November 2025, the Argentine Congressional investigative committee determined that Milei provided “essential collaboration” for the project.

LIBRA Scandal Timeline

Key milestones are summarized as follows:

• January 30, 2025: Davis meets with Milei at the Argentine presidential palace Casa Rosada; Milei posts a selfie on X that day calling Davis a cryptocurrency advisor.
• February 11, 2025: Drafting date of the $5 million agreement draft found on Novelli’s phone.
• February 14, 2025: LIBRA token creation, Milei’s promotional post, token surge and subsequent crash; Milei makes 7 calls with Novelli that night.
• May 2025: Milei dissolves the investigative task force UTI by decree.
• June 2025: Anti-Corruption Office rules Milei did not violate public ethics rules.
• November 2025: Congressional investigative committee determines Milei provided “essential collaboration.”
• December 2025: According to Clarín, Davis had signed a confidential advisory agreement with the Argentine government.
• March 2026: El Destape exposes the $5 million agreement draft and call records.
• April 6, 2026: The New York Times publishes investigative report, fully disclosing call record details.
• April 8, 2026: Chamber of Deputies restarts investigation, begins summoning government officials.

هذا المقال مصدره من الانترنت: LIBRA Scandal Escalates: Argentine President’s 7 Call Records and $5 Million Draft Agreement Exposed

Related: Crypto VCs Finally Stop Telling the Same Story

Many believe that crypto VCs are heading towards twilight. Over the past decade, crypto VCs have been highly homogeneous—crowding into the same sectors, telling the same stories, and competing for the same projects. While it appears lively, the industry’s internal structure is fragile. However, what is happening now might be one of the most anticipated moments since the industry’s inception, as the market is experiencing genuine differentiation for the first time. In late February 2026, two fundraising announcements emerged in succession. On one side, Dragonfly Capital completed fundraising for its fourth fund, raising $650 million, with a focus on stablecoins, on-chain financial infrastructure, and real-world asset tokenization. On the other side, Paradigm is seeking up to $1.5 billion for its new fund, expanding its investment scope from crypto to frontier…