Investigations into Javier Milei’s Involvement with Libra Cryptocurrency
Recent investigations have uncovered a series of phone calls between Argentine President Javier Milei and an entrepreneur associated with the Libra cryptocurrency, raising questions about his previous claims of no involvement with the initiative. According to phone records examined by prosecutors and reported by The New York Times, Milei engaged in seven calls with this individual on the very evening he publicly endorsed the cryptocurrency on the platform X.
These communications occurred both prior to and following his endorsement, though details about their discussions have not been revealed by the investigators.
Contradictory Statements and Public Scrutiny
This revelation contradicts Milei’s earlier statements, where he portrayed his engagement with the Libra project as incidental, insisting he was merely promoting what he believed to be a private enterprise aimed at bolstering Argentina’s economy. Following public scrutiny, Milei noted:
“A few hours ago, I posted a tweet… supporting an alleged private venture with which I obviously have no connection whatsoever. I wasn’t aware of the details of the project, and after becoming aware of them, I decided not to keep promoting it.”
Impact of Milei’s Endorsement on Libra Token
In February 2025, the Libra token experienced a brief surge in value after Milei’s backing, as he advocated it as a financial tool for small businesses and startups. However, this momentum quickly dissipated, leading to a staggering loss of over 96% from its peak value and the erosion of around $251 million in investor capital—triggering severe allegations akin to a ‘rug pull’ scheme.
Legal Consequences and Ongoing Investigations
Consequently, Argentine legal professionals initiated fraud allegations against Milei, prompting some political figures to advocate for his impeachment. In Argentina, fraud offenses can carry sentences ranging from one month to six years of imprisonment.
As the investigation unfolds, federal prosecutors have formally classified Milei as a person of interest, delving into his financial ties and communications linked to the launch of Libra. Although Argentina’s Anti-Corruption Office previously deemed that Milei did not violate ethical public conduct guidelines, on the grounds that his social media post was made in a personal capacity, recent discoveries complicate the narrative.
New Evidence and Ongoing Inquiry
In a latest judicial update, a draft document was discovered on the cellphone of crypto lobbyist Mauricio Novelli, suggesting a potential $5 million deal related to the promotion of Libra, which was prepared just three days prior to Milei’s public endorsement. The document left critical questions unanswered regarding its intended recipients and purpose, further deepening the ongoing inquiry into the affair.
