NYT: Milei Held Multiple Calls With LIBRA Entrepreneur Before Token’s Dramatic Rise and Crash

TL;DR:

• Forensic records detected seven calls between Milei and Mauricio Novelli on the night of the token launch, prior to its official promotion on the X social network.
• The project reached a market capitalization of $4 billion before plunging 90%, resulting in a $107 million liquidation by linked wallets.
• An Argentine Congressional commission described the president’s involvement as “essential collaboration” while investigating a suspected $5 million agreement.

Direct links between Argentine President Javier Milei and the controversial LIBRA crypto project have been revealed. The New York Times published a report featuring phone records that confirm strategic communications by the president with developers before the token’s collapse.

The digital asset experienced extreme volatility, achieving a market cap exceeding $4 billion before suffering a 90% correction. On-chain transaction data suggests that eight strategic wallets withdrew $107 million at the peak valuation.

The Impact of Political Promotion on the Crypto Ecosystem

The federal investigation, which identifies the president as a “person of interest,” delves into the content of the calls with lobbyist Mauricio Novelli. It is worth noting that Milei denies any wrongdoing, claiming his posts were personal and not official in nature.

On the other hand, the media outlet El Destape pointed to the discovery of documents suggesting a multi-million dollar financial pact related to the token’s advertising. This fact has intensified the debate over public ethics and the influence of political figures in the manipulation of memecoins.

Furthermore, the government recently dissolved a task force investigating the scandal. This measure comes days after a court order to lift bank secrecy on the accounts of the president and his inner circle.

In summary, the LIBRA token case represents one of the most complex legal challenges for the current administration, linking financial volatility with institutional responsibility toward international investors.