Argentine President Javier Milei is once again under intense public and political examination following the emergence of fresh documentation that appears to reveal more substantial involvement in the controversial $LIBRA cryptocurrency scandal than he previously acknowledged. The development has reignited debates about accountability at the highest levels of government and raised questions about the boundaries between personal promotion and official influence.
The saga traces back to February 14, 2025, when Milei used his personal social media account to spotlight a newly launched meme coin called $LIBRA.
He described it as a promising initiative to channel investment into local startups and small enterprises.
Almost instantly, the token’s value skyrocketed from fractions of a cent to over five dollars, briefly pushing its market capitalization above four billion dollars.
Yet the surge proved short-lived.
Within hours, large sell-offs—widely attributed to insiders—triggered an 85-to-90 percent plunge, wiping out hundreds of millions of dollars for roughly 74,000 retail participants.
Milei quickly removed his original post and distanced himself, insisting he had no prior knowledge of the project’s inner workings and had simply offered encouragement to what he viewed as an independent venture.
At the time, the episode triggered widespread outrage, lawsuits alleging fraud, and opposition demands for impeachment proceedings.
Investigations examined whether the president’s endorsement artificially inflated the price, benefiting a small circle of promoters while ordinary investors bore the brunt.
Earlier ethics reviews cleared Milei of violating public-service rules, arguing he acted in a private capacity, and a specially created investigative task force was later disbanded after completing its mandate.
Milei maintained he had been misled and bore no responsibility for the subsequent crash.
However, newly surfaced forensic materials have cast doubt on that narrative.
Court-ordered analysis of devices belonging to businessman Mauricio Novelli—an intermediary reportedly involved in connecting Milei with the token’s creators—uncovered records of at least seven phone conversations between
Novelli and the president on the evening of the launch.
Several calls occurred minutes before and immediately after Milei’s promotional message.
Additional communications reportedly involved Milei’s sister and chief of staff, Karina Milei, as well as senior advisor Santiago Caputo.
Forensic experts also identified draft documents outlining potential multimillion-dollar arrangements tied to the president’s public support, including references to advisory roles and compensation packages, although no confirmed transfers have been publicly verified.
Opposition lawmakers have seized on the revelations to revive parliamentary inquiries, while legal observers note the evidence strengthens arguments that Milei’s engagement went beyond casual endorsement.
The president’s office has yet to issue a detailed response to the latest findings, though aides have reiterated that any interactions were unrelated to improper influence or financial gain.
The renewed focus arrives at a delicate moment for Milei’s administration, already navigating ambitious economic reforms.
Critics argue the affair underscores risks when high-profile figures lend their platforms to volatile digital assets.
Supporters counter that the scrutiny represents politically motivated attacks aimed at undermining a leader who campaigned on disrupting entrenched interests. As prosecutors continue examining the full scope of communications and transactions, the $LIBRA incident risks becoming a lingering shadow over Milei’s tenure—the first major controversy of his presidency that does not seem to go away.