Phone logs obtained by federal prosecutors in Argentina show seven calls between President Javier Milei and entrepreneur Mauricio Novelli – one of the architects of the LIBRA crypto token, on the same night in February 2025 that Milei posted the now-infamous promotion on X, directly contradicting Milei’s public claim of no connection to the coin’s launch.
Recovered notes from Novelli’s phone outline a $5 million deal structure tied to Milei’s official endorsements, including payments contingent on Milei naming Hayden Davis of Kelsier Ventures as a cryptocurrency advisor.
The documents place Milei inside the deal’s mechanics, not outside them.
- The Core Evidence: Argentine federal prosecutors have obtained phone logs showing seven calls between Milei and Novelli before and after his February 14, 2025, X post promoting $LIBRA at 7:01 pm local time.
- The Financial Trail: A deleted note recovered from Novelli’s phone describes a $5 million arrangement with an individual identified as “H” – likely Davis – including $1.5 million upon Milei announcing Davis as a crypto advisor.
- The Scale of Losses: An estimated 114,410 wallets lost funds in the $LIBRA collapse, with total investor losses ranging from $251 million to $400 million; only 36 wallets cleared more than $1 million in profit.
- Milei’s Legal Status: Milei is named as a person of interest in the ongoing federal probe but has not been formally charged; he has not publicly responded to the call logs or recovered documents.
- Obstruction Signal: Milei dissolved Argentina’s Investigation Task Unit (UTI) via Decree 332/2025 in May 2025 – after the UTI had forwarded insider trading findings to prosecutors.
- What to Watch: Argentina’s Chamber of Deputies begins questioning government officials on April 8, 2026; any move toward formal charges or new forensic disclosures from that session will be the next inflection point in this investigation.
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What the Phone Logs Actually Show – and Why Milei “No Connection” Defense No Longer Holds
Milei posted about LIBRA crypto at 7:01 pm Argentina time on February 14, 2025. The seven documented calls to Novelli occurred in the hours immediately before and after that post – a timeline that prosecutors are now treating as evidence of coordination, not coincidence.
The contents of the calls remain unknown, but the pattern of contact alone is legally significant: it establishes proximity between Milei and the token’s operators at the precise moment of maximum promotional impact.
The recovered deleted note from Novelli’s phone goes further. Forensic analysis of the document – dated October-November 2024 – describes a three-tranche payment structure: $1.5 million upfront to “H,” $1.5 million upon Milei’s public announcement of Davis as an advisor, and $2 million in blockchain and AI advisory contracts involving both Milei and his sister Karina Elizabeth Milei.
Milei met Davis at Casa Rosada on January 30, 2025, posting a selfie on X that same day and describing him as a cryptocurrency advisor – the precise trigger for the second $1.5 million tranche outlined in Novelli’s note.
Computer experts confirmed that the 44-character $LIBRA contract code Milei included in his February promotional post was not publicly available online prior to the post, meaning Milei had access to insider technical data before the token launched publicly.
WhatsApp audio messages reviewed as part of the investigation also reference recurring payments made to Milei during his time as a congressman, with specific sums reportedly allocated to Karina Milei as well.
Novelli allegedly brokered regulatory favors in exchange, including tax exemptions, suggesting the financial relationship predates the $LIBRA launch by years. Milei’s dissolution of the UTI via Decree 332/2025 in May 2025, after that body had already forwarded insider trading findings to prosecutors, adds an obstruction dimension that investigators are unlikely to set aside.
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