Phone logs from an ongoing Argentine federal prosecutor’s investigation into the $LIBRA meme coin scandal show seven calls between President Javier Milei and Mauricio Novelli, a crypto lobbyist, and one of the key entrepreneurs behind the token on the night of its launch, February 14, 2025.
Milei posted a promotional message on X along with Instagram and Facebook at around 7:01 p.m. local time, sharing the token’s Solana contract address and framing it as a project to attract investment in Argentine businesses. The token’s market cap surged rapidly to around $4–4.6 billion shortly after the post, then crashed over 90–96% within hours as early holders (reportedly including founders with a large supply allocation) sold off, leading to an estimated $87–251 million in losses for roughly 74,000 investors.
It has been widely described as a rug pull. The calls with Novelli occurred both before and after Milei’s post, according to logs reviewed by The New York Times and local media; first highlighted by outlets like C5N. Exact contents are unknown, as they are not recorded, but the timing has raised questions about coordination.
Milei has publicly maintained that he had no prior knowledge of or involvement in the token’s mechanics and details and promoted it in good faith as a pro-innovation and free-market initiative. The newly surfaced logs complicate that narrative by suggesting closer real-time communication with a central figure in the project than previously acknowledged.
Additional context from the probe includes: Communications between Novelli and Milei’s sister and advisor Karina Milei. Earlier reports of forensic analysis showing messages exchanged around the exact moment of the post. The investigation is examining potential insider trading, coordination, and possible financial arrangements but no charges have been filed against Milei himself as of the latest reports.
The scandal has reignited political scrutiny in Argentina and drawn international attention in crypto circles. Javier Milei’s defense in the $LIBRA memecoin scandal has been consistent since the token’s launch and rapid collapse on February 14, 2025. He has not issued a major new public statement directly addressing the March–April 2026 revelations. His position, outlined in an X post shortly after the crash and a detailed TV interview on February 17, 2025, with journalist Jonatan Viale, centers on complete ignorance of the project’s mechanics, good-faith promotion of a private initiative, and no personal or financial involvement.
Milei repeatedly states he had no connection whatsoever to the token’s development, tokenomics, or launch mechanics. He claims he was unaware of critical elements such as the large pre-minted supply allegedly held by insiders, the team allocations, or anything that enabled the rapid sell-off.
In the Viale interview, he reinforced: “I wasn’t involved in the details, the intricacies of this cryptocurrency.” He described learning about the project only when it “became public” and said he simply shared the contract address he found online.
He portrays $LIBRA as just another private-sector venture that appeared beneficial for Argentina’s economy. He insists he acted only after the project was already public, not as part of any coordinated launch. When this situation became public… obviously, what do I do? he told Viale. Milei says that as soon as he realized the token was crashing and investors were losing money, he deleted the original post and stopped any promotion.
He presents this as responsible behavior, not evidence of guilt. Rather than condemning the promoters, Milei shifted some blame to buyers. He compared $LIBRA investors to casino gamblers or people playing Russian roulette, arguing they knew or should have known the high-risk nature of meme coins and speculative crypto.
Milei and his allies have accused opposition politicians and media of exploiting the scandal to damage him politically or push for impeachment, rather than focusing on the actual creators of the token. He has called it an attempt to politicize a private project gone wrong. Novelli is the key lobbyist who introduced Milei to the project’s creator and allegedly coordinated communications.
Milei has not publicly explained the content or purpose of these specific calls. His earlier statements; claiming no connection and learning about the project only when it went public are directly challenged by the timing and volume of the calls, but he has offered no rebuttal in the sources reviewed. A draft note on Novelli’s phone outlined a possible $5 million deal tied to Milei’s endorsement.
Forensic analysis also showed Novelli coordinating with Milei’s sister Karina Milei and even helping draft Milei’s media responses. Milei has not commented on these specifics in available public statements; his defense continues to rest on the no knowledge good faith line from February 2025. Reports of prior financial ties or payments between Novelli and Milei dating back to 2021 are not addressed in his public defense.
Critics and investigators argue the evidence — especially the real-time communication with Novelli — contradicts the no connection and unaware of details claim. As of the latest reporting, Milei remains a person of interest in the federal probe but has faced no charges, and his public defense has stayed anchored to the original February 2025 statements.
