Newly uncovered call logs have provided Argentine prosecutors with crucial evidence, directly linking President Javier Milei to key figures involved in the catastrophic collapse of the $LIBRA memecoin. The token, once hyped as a revolutionary funding tool for small businesses and startups, saw more than 96% of its value evaporate in mere hours, wiping out an estimated $251 million in retail investor capital. This financial devastation has triggered fraud charges, widespread impeachment calls, and a federal probe that now explicitly names the president as a person of interest.

The fresh evidence, initially reported by The New York Times, details seven phone calls between President Milei and crypto lobbyist Mauricio Novelli on the night of February 14, 2025. This timing is critical, as it coincides precisely with the evening Milei posted on X (formerly Twitter) promoting $LIBRA and sharing its Solana contract address. These calls occurred both before and immediately after the president's viral endorsement, which propelled $LIBRA from near-zero to a staggering $4.6 billion market capitalization within minutes. While the specific contents of these conversations remain undisclosed, their timing directly contradicts Milei’s persistent claims of having “no connection whatsoever” to the project.

The $LIBRA memecoin was not a random venture but a meticulously orchestrated project by Kelsier Ventures, an entity led by American entrepreneur Hayden Mark Davis, who had previously met with President Milei at the presidential palace. Mauricio Novelli, a long-time associate of Milei who had assisted him with online courses during his political campaign, served as the central intermediary in the scheme. Forensic analysis of Novelli’s seized phone uncovered a draft agreement, dated three days before the token’s launch, which proposed a substantial $5 million payout contingent on Milei’s promotional support. Although this document does not definitively prove payment or acceptance, it has significantly fueled allegations of coordinated collusion in what blockchain forensic experts have described as a textbook "rug pull."

In a classic rug pull scenario, insiders, who allegedly held approximately 70% of the total $LIBRA supply, systematically dumped their tokens for tens of millions in profits almost immediately after Milei's endorsement. Concurrently, over 114,000 retail investor wallets recorded massive and irreversible losses. President Milei’s X post acted as "pure rocket fuel" for this rapid pump and subsequent dump. Following the collapse, Milei attempted to distance himself, stating, "A few hours ago, I posted a tweet… supporting an alleged private venture with which I obviously have no connection whatsoever. I wasn’t aware of the details of the project, and after becoming aware of them, I decided not to keep promoting it," before deleting his original promotional messages.

However, the recently unearthed call logs, combined with earlier communications involving Milei’s sister and secretary general, Karina Milei, and presidential adviser Santiago Caputo, paint a picture of far more extensive and tightly coordinated involvement. Prosecutors are now actively pursuing the episode as potential fraud, a charge that carries prison terms ranging from one month to six years.

The fallout from the $LIBRA scandal has been severe. On-chain analysts, including Nansen and Bubblemaps, have traced estimated insider outflows of $87 million to $100 million within the initial hours of the collapse, indicating that only a select few wallets cashed out substantially while the vast majority of investors were "rugged." While Argentina’s Anti-Corruption Office had previously cleared Milei of ethics violations, categorizing his post as personal, the new judicial evidence has revitalized the case. This has prompted opposition lawmakers to reopen a parliamentary commission and lawyers to file fresh fraud complaints. Asset freezes targeting Davis and related entities are already underway, and calls for Milei’s impeachment have grown louder.

Critics argue that this scandal vividly exposes the perilous "dark underbelly" of celebrity memecoin endorsements, a phenomenon that has eroded trust in the broader memecoin market. President Milei, a self-described anarcho-capitalist who famously brandished a chainsaw during his campaign to symbolize cutting government waste, had positioned himself as a vocal champion of cryptocurrency. His government had been actively courting the crypto industry, promoting it as a pathway to economic salvation. Ironically, the very tool he championed is now accused of being a sophisticated pump-and-dump scheme that unscrupulously preyed on his devoted political base. Milei’s office has yet to issue a response to these latest revelations, with the president consistently dismissing the probe as a politically motivated "witch-hunt" orchestrated by his Peronist opponents. Nevertheless, as federal investigators press forward and international attention focuses on the case, the contentious $LIBRA chapter is one President Milei undoubtedly wishes had never occurred.