New Evidence Deepens Questions Around Milei’s Role in $LIBRA Crypto Collapse
Argentina’s President Javier Milei is once again under scrutiny over his connection to the failed $LIBRA cryptocurrency, after newly surfaced phone records revealed previously undisclosed contact with individuals behind the project.
Summary:
- Milei had multiple phone contacts with a key $LIBRA figure around the time of the launch.
- The token surged after his endorsement before collapsing and wiping out investors.
- New evidence challenges his claim of having no operational role in the project.
The logs, obtained by The New York Times and first reported by Argentine broadcaster C5N, show that Milei exchanged at least seven phone calls with one of the key figures tied to the token on the night it launched in February 2025. The timing of those calls – both before and after his public promotion – cuts against his earlier claim that he had no direct involvement.
A Launch That Moved Fast – and Collapsed Faster
The origins of the $LIBRA controversy trace back to February 14, 2025. The token was created by Kelsier Ventures, a U.S.-registered entity led by entrepreneur Hayden Davis. Within minutes of its launch, Milei promoted it across his social channels, presenting it as a private initiative aimed at supporting Argentine businesses.
That endorsement carried immediate market impact.
The token surged rapidly following the post, reaching an all-time high of $0.6273 on launch day. At its peak, the project briefly commanded a market capitalization of roughly $4.5 billion, fueled almost entirely by retail inflows reacting to the presidential backing.
Within 24 hours, the market cap collapsed to around $162 million, marking a loss of more than 95%. The token’s price followed the same trajectory, erasing nearly all of its gains in a matter of hours. According to data from CoinMarketCap today, as of April 2026, $LIBRA trades near $0.0030, effectively a fraction of its initial peak.
Investigators believe insiders – who controlled a significant portion of the supply – exited during the surge, capturing between $107 million and $251 million. The losses were largely borne by retail investors, many of them in Argentina, who entered the market during the post-endorsement spike.
The Calls That Raise New Questions
For months, Milei’s position has been consistent: he amplified a project he believed to be legitimate but had no role in its design or execution.
According to the investigation, Milei spoke repeatedly with Mauricio Novelli, a trader who had longstanding ties to him and acted as a bridge between Milei and Davis. Several calls reportedly took place in the minutes leading up to the social media post, including one that ended just before the promotion went live.
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There were also follow-up calls shortly after the token began trading, and again later that evening – by which point the market had already collapsed.
No transcripts of the conversations have been made public. Still, the frequency and timing of the calls suggest a level of coordination that is difficult to reconcile with the idea of a purely hands-off endorsement.
Political Pressure Builds Again
The resurfacing of the scandal comes at a sensitive moment for Milei’s administration. Opposition lawmakers have renewed calls for testimony and further investigation, arguing that the president’s role went beyond simple promotion. Maximiliano Ferraro, who led a congressional inquiry into the case, described the launch as “planned and coordinated,” pointing to the scale of the initial price move as evidence of organized execution.
A congressional report reached a similar conclusion, stating that the project’s rapid growth would not have been possible without presidential backing.
Separately, other controversies – including allegations involving Milei’s inner circle – have added to the political pressure, though some claims remain unverified or have been denied by the government.
Milei himself has not commented publicly on the newly revealed phone logs and did not respond to requests for clarification.
A Familiar Pattern in Crypto – With Higher Stakes
The $LIBRA episode reflects a dynamic that has played out repeatedly in crypto markets: the ability of a single high-profile endorsement to drive rapid inflows of capital into lightly vetted projects.
What makes this case different is the source of that endorsement.
In a market still defined by speed and sentiment, credibility can function as a catalyst. When that credibility comes from a head of state, the effect is amplified – and so are the consequences when things unravel.
The investigation remains ongoing. Milei has not been charged with any crime, but his designation as a person of interest suggests the legal process is far from over.
For investors, the lesson is a familiar one – but no less relevant: attention can move markets, but it doesn’t guarantee substance behind what’s being promoted.
The information presented in this article is intended for informational purposes only and should not be interpreted as financial, investment, or trading advice. Coinspress.com does not promote or advocate for any particular investment strategy, asset, or cryptocurrency project. Cryptocurrency markets are highly volatile and unpredictable – always perform your own research and seek guidance from a qualified financial professional before making any investment decisions.
Alexander Zdravkov
Reporter at CoinsPress
Alexander Zdravkov interessiert sich leidenschaftlich für Bedeutungsfragen. Er ist seit mehr als drei Jahren im Kryptobereich tätig und hat ein Auge dafür, aufkommende Trends in der Welt der digitalen Währungen aufzuspüren. Ob er nun tiefgreifende Analysen liefert oder tagesaktuell über alle Themen berichtet, sein tiefes Verständnis und seine Begeisterung für das, was er tut, macht ihn zu einer wertvollen Ergänzung für das CoinsPress-Team.
