Recent scrutiny of mobile phone records by prosecutors and investigators is raising questions about Argentina’s President Javier Milei’s assertion that his endorsement of the ‘$LIBRA’ cryptocurrency on social media was merely an innocuous post. The records indicate that Milei engaged in a minimum of five phone calls and multiple messages with crypto entrepreneur Mauricio Novelli, an Argentine lobbyist associated with the introduction of the digital token, in the moments preceding the publication of the message. A note stored on Novelli’s phone indicates that an agreement worth approximately US$5 million may have been established in exchange for Milei’s public endorsement of the memecoin. The file resided within the Notes application on Novelli’s iPhone. Court documents characterize him as one of the intermediaries linking the cryptocurrency’s promoters with the President’s inner circle. The document outlines a deal that includes three payments amounting to a total of US$5 million. The arrangement comprised an initial payment of US$1.5 million, an additional US$1.5 million contingent upon the promotion of the token via social media, and a concluding payment of US$2 million associated with the execution of a subsequent contract. The text is composed in English and is thought to have been generated on February 11, 2025, at 8:05 PM – three days prior to Friday, February 14, when the President disseminated a message on X endorsing the cryptocurrency. The publication instigated a rapid increase in the valuation of the digital asset, which was soon succeeded by a pronounced decline, resulting in substantial financial losses for numerous investors. The current investigation was prompted by criminal complaints filed following the episode. Greetings, everyone. The document commences with, “This is the final agreement as discussed with H.” Investigators suspect that “H” could denote US businessman Hayden Davis, a promoter of the crypto project who had an audience with the President before the token’s launch. “$1.5M of tokens or cash as upfront payment.” Stated the initial two points of the document “$1.5M in tokens or cash – Milei announces on Twitter Hayden Davis/Kelsier/Davis family as his adviser.”
Ultimately, a payment of US$2 million – also in tokens or cash – is noted alongside the following statement: “Contract signed in person by Milei for Blockchain/AI advisory services for the Argentine government and/or Javier Milei and a review with Javier and Karina over these two four-month periods.” A forensic analysis of mobile devices, commissioned by federal investigators, has established a timeline of calls and texts that challenges the official narrative asserting that the President had no direct involvement in the operation. In the hours preceding – and at 7.01pm on February 14, the precise moment the investment code was published on the President’s social media accounts – Milei and Novelli maintained frequent communication. Investigators are currently assessing whether it was Novelli who transmitted the alphanumeric code required by users to purchase the token to the head of state. Following the collapse of LIBRA’s value and the emergence of accusations on social media, communications continued unabated. In the early hours of February 15, domestic media reports indicate that over 20 calls and messages were exchanged between Novelli, the President, and his sister, Karina Milei, who serves as presidential chief-of-staff. Maximiliano Ferraro stated that the records indicate “Milei informed Novelli that he would give the interview to Jonatan Viale and they exchanged ideas about what to answer and what to keep quiet. It is evident that Novelli served as the intermediary between the President and Hayden Davis from the hotel in Dallas in the United States where the launch operation was being conducted. It is now confirmed that they maintained continuous communication throughout this period. Milei’s post was not an isolated event or a mistake,” the lawmaker stated. Investigators additionally discovered a second document: a note composed in Spanish detailing a potential public communication aimed at mitigating the repercussions of the scandal. “This is what I desire for the tweet. “This is the only thing that saves him, me and us,” the note begins.
“I wish to emphasize that I am in complete alignment with the vision of the Libra coin.” I engaged directly with all parties concerned and conveyed my endorsement of their objectives. “While I have no financial interest in the project, I trust the people backing it,” the draft continues. It subsequently states: “I am not very versed in memecoins, and when my political opponents began falsely accusing me of being…” The text cuts off at that point. The document, characterized by its tone and references to political adversaries, along with the persistent claim of ignorance regarding memecoins, suggests a narrative crafted for Milei to disseminate on social media or reiterate in upcoming interviews. In conjunction with the discovery of the documents, the courts are persistently examining communications archived on Novelli’s phone. Experts are reviewing call records, messages, and chat logs to reconstruct contacts made in the days before and after the launch of LIBRA. The objective is to ascertain the nature of the relationship that existed between the project’s developers and the presidential circle. The examination has illuminated the environment prevailing in the weeks preceding the token’s introduction. A report from the El Destape media outlet indicates that messages on the device contain references to the favorable period Novelli was experiencing during his access to the Casa Rosada presidential palace. Among the material is an audio message he sent a friend on January 31 in which he spoke about difficulties securing financing. “I had to score a last-minute goal to save the day, as always,” he asserted. On that same day, Hayden Davis found himself in Argentina, having finalized an agreement with Milei the day prior. Other communications indicate that Novelli is coordinating a celebration following two days of discussions with the President and Karina Milei. In a separate statement, he expresses satisfaction with finalizing a “tremendous” deal and indicates a desire to celebrate.
The discussions were associated with the preparations for Tech Forum 2, an event scheduled for early April. Sources familiar with the negotiations indicate that the phone of organiser Manuel Terrones Godoy contained a list of two confirmed speakers: President Milei and the then presidential spokesman Manuel Adorni, who currently holds the position of Cabinet chief. Novelli was pivotal on the evening the cryptocurrency scandal unfolded – February 14, 2025. During his stay in Dallas, he was located at the Ritz-Carlton Las Colinas hotel, specifically in a room that Davis had rented for the project’s launch. Subsequently, he established communication with both Buenos Aires and his contacts in Asia. Over the course of that weekend, forensic analysis carried out by Argentina’s Directorate-General of Investigations and Technological Support revealed that his phone recorded nearly 200 calls. The report indicates that in the moments preceding the launch of LIBRA, he engaged in a phone conversation with Karina Milei and the President himself. He also engaged in a conversation with Milei right after the post promoting the token was released at 7.01 pm. As the scandal started to circulate on social media at approximately 11pm, Novelli initiated a sequence of communications with presidential adviser Santiago Caputo. The exchanges persisted over the weekend as Caputo assumed responsibility for managing the crisis. During that particular weekend, there were a total of 13 calls exchanged between the two parties.