Argentine President Javier Milei may have deeper connections to the LIBRA meme coin scandal than he publicly admitted.

According to The New York Times, newly recovered phone logs and messages show Milei made seven calls to entrepreneur Mauricio Novelli before and after posting about the LIBRA token on his X account on February 14, 2025, the night of its launch.

Novelli is portrayed as a key figure in the crypto scandal who allegedly coordinated Milei’s endorsement of the coin and facilitated deals worth millions, including an alleged $5 million arrangement connected to Milei’s backing.

Audio messages on WhatsApp suggest recurring payments to Milei as a congressman, with mention of amounts for his sister, Karina Elizabeth Milei.

Draft documents on Novelli’s device detail potential plans for payments tied to Milei publicly endorsing a consultant, though there is no confirmation that funds were exchanged.

Ties since pandemic financial struggles

Milei and Novelli have known each other since the pandemic, according to El País.

During that time, Novelli reached out to Milei, offering support and online courses through his trading firm, N&W Professional Traders.

Investigators say records from Novelli’s phone indicate that Milei began receiving monthly payments, and by the time he became president, Novelli had established a trusted role with access to both Milei and his sister.

Experts analyzing Novelli’s devices suggest he acted as a broker for approvals, tax exemptions, and regulatory favors, while also seeking to capitalize on Milei’s public image.

Milei defends himself against fraud accusations

The LIBRA token, launched by Hayden Davis‘ Kelsier Ventures, briefly surged to a market capitalization of nearly $4.6 billion as Milei showed his endorsement.

The meme coin plunged roughly 85% following accusations of a rug pull by the development team. Milei withdrew his support as the token’s value collapsed.

Estimated investor losses range from $251 million to $400 million, with data showing only 36 wallets earning over $1 million each, while approximately 114,410 investor wallets suffered losses.

Milei has maintained that he was merely drawing attention to a private venture and had no substantive connection to the coin’s launch. In an interview shortly after the scandal, he argued that only a small number of investors were affected and that most were foreign professionals.

Last May, the Investigation Task Unit (UTI) probing the LIBRA token scandal was dissolved by Milei under Decree 332/2025.

The UTI, which coordinated with anti-corruption and financial authorities, investigated allegations of insider trading, illicit fundraising, and links to public officials, forwarding findings to the Public Prosecutor’s Office.