What Does the Recovered Document Claim?
A document recovered from the phone of Argentine crypto lobbyist Mauricio Novelli outlines an alleged $5 million payment arrangement tied to President Javier Milei’s promotion of the Libra memecoin, according to an investigation by Argentine outlet El Destape.
The file was discovered during a forensic review of devices seized from Novelli by Argentina’s Directorate of Technological Support for Criminal Investigations, a unit operating under the Public Prosecutor’s Office. The document was dated February 11, 2025, three days before Milei published a now-deleted post on X promoting the Solana-based Libra token.
Written in English, the note begins with the line: “Hello friends, this is the final agreement discussed with H.” It describes a three-part payment structure totaling $5 million. According to the report, the arrangement included a $1.5 million advance in tokens or cash, another $1.5 million linked to Milei publicly announcing Hayden Davis as an adviser on X, and a final $2 million tied to a formal blockchain and artificial intelligence consulting contract signed in person.
El Destape reported that the reference to “H” likely points to Hayden Davis, the CEO of Kelsier Ventures, who has been widely linked to the creation of the Libra token. The document itself does not explicitly identify the intended recipients of the funds. The outlet reported that the payments appear connected to the Milei siblings and intermediaries involved in the project, including Novelli, Manuel Terrones Godoy, and Sergio Morales.
Investor Takeaway
How Do Phone Records Fit Into the Timeline?
Forensic call logs from Novelli’s phone reveal intense communication around the launch of the Libra token. Milei posted about Libra at 7:01 PM Argentine time on February 14, 2025. In the minutes immediately surrounding the post, Novelli and Milei exchanged several phone calls.
Records cited by El Destape show multiple conversations between the two between 6:54 PM and 7:03 PM. Novelli also attempted to reach Karina Milei, the president’s sister, who returned the call at 7:17 PM for a conversation lasting more than two minutes.
As the token’s price collapsed later that evening, the circle of communication widened. Between roughly 10 PM and midnight, Novelli spoke with presidential adviser Demian Reidel, Julian Peh of KIP Protocol, and senior adviser Santiago Caputo. Calls between Novelli, Caputo, and Peh continued after midnight while the token’s value was rapidly falling.
At 12:36 AM on February 15, KIP Protocol released a public statement describing Libra as a success and stating that Milei had no role in its development. Two minutes later, Milei posted that he had only shared what he believed to be a private venture and had no connection to the project.
Was Crisis Messaging Prepared in Advance?
A separate note recovered from Novelli’s phone, dated February 16, 2025, reportedly contains a draft public statement intended to manage the fallout from the Libra collapse. According to the report, the document includes language supporting the project while denying financial involvement by the president.
The note reportedly begins with the phrase “this is the only thing that saves him, me, and us,” suggesting that messaging around the controversy may have been coordinated internally after the token’s collapse.
Additional forensic analysis cited by Argentine newspaper La Nación found that Novelli and Milei exchanged at least five messages at 7:01 PM on February 14 — the same moment the Libra contract address was posted on X. Experts who later testified before Argentina’s Congress said the contract address was not publicly available online at that time, contradicting Milei’s claim that he had discovered it on the internet.
Investor Takeaway
What Is the Broader Investigation Status?
The Libra token briefly reached a market capitalization above $4 billion after Milei’s social media post before losing more than 90% of its value. Eight wallets connected to the project reportedly withdrew about $107 million during the collapse.
An Argentine congressional committee concluded in November 2025 that Milei provided “essential collaboration” to the project and recommended that lawmakers consider whether the president’s actions constituted misconduct in office.
Milei has denied wrongdoing. Argentina’s Anti-Corruption Office cleared him of violating public ethics rules in June 2025, stating that the social media post was made in a personal capacity rather than an official one. The government later dissolved its own investigative task force examining the scandal shortly after a judge ordered the president’s and his sister’s bank records unsealed.
Legal scrutiny continues on multiple fronts. A federal criminal investigation in Argentina remains active, and a class action lawsuit has been filed in the United States. Meanwhile, Hayden Davis previously said on camera that his team “sniped” the Libra token at launch and acknowledged controlling wallets that held more than $100 million in proceeds from the project.
