Forensic investigators have recovered a draft document from the phone of lobbyist Mauricio Novelli suggesting a $5 million payment agreement tied to Argentine President Javier Milei’s promotion of the Libra token. The document, which surfaced during a judicial probe, outlines a structured payout contingent on Milei’s social media endorsements and government consulting contracts.

What does the leaked $5M draft agreement actually say?

The draft, dated February 11, 2025—just three days before Milei’s influential X post—details a tiered payment system. According to reports from El Destape, the text includes the following breakdown:

  • $1.5 million: Advance payment in liquid tokens or cash.
  • $1.5 million: Payment triggered by Milei publicly naming Hayden Davis as his advisor.
  • $2 million: Final payment for a signed government consulting contract involving blockchain and AI.

While the draft is explicit about the milestones, it notably omits the identity of the final beneficiary. The document begins with, “Hello friends, this is the final agreement discussed with H,” widely interpreted by investigators as a reference to crypto entrepreneur Hayden Davis. This development adds a layer of complexity to the broader regulatory gridlock on stablecoins that continues to plague emerging markets.

How did the Libra token perform during the scandal?

Following Milei’s endorsement, the Libra memecoin experienced a violent volatility cycle, briefly ballooning to a $4 billion market capitalization before suffering a 94% collapse within hours. This wipeout resulted in massive retail losses, leading opposition lawmakers to demand impeachment proceedings against the President. For context on how institutional capital is currently navigating such volatility, compare this to the shift toward Bitcoin and RWA assets currently observed in more mature portfolios.

Investigators also recovered a secondary note from February 16, drafted shortly after the controversy exploded. The text, translated from Spanish, reads: “This is the only thing that saves him, me, and us.” It appears to be a draft for a public statement meant to distance the administration from financial involvement, framing the project as a target of political opposition. You can track broader market movements via CoinGecko to see how similar tokens are currently being priced by the market.

Who is involved in the investigation?

Judicial focus has intensified on the communication logs between Novelli, Milei, and presidential advisor Santiago Caputo. Call records indicate frequent contact between these parties during the token’s launch and the subsequent fallout. As the original report from Cointelegraph notes, the evidence suggests a highly coordinated effort to manage the narrative as the token’s value plummeted.

FAQ

Did President Milei admit to promoting the Libra token? No. Milei has maintained that he merely “spread the word” about the token rather than actively promoting it for financial gain.

What is the status of the Libra token now? Following its 94% crash in February 2025, the token remains a subject of intense judicial investigation and is considered a high-risk asset by market analysts.

Are there official charges against the President? While opposition lawmakers have called for impeachment, the current investigation is focused on the recovered forensic data from lobbyist Mauricio Novelli’s devices.

Market Signal

This forensic leak increases political risk for the current administration, likely pressuring local crypto-related assets. Investors should monitor for potential regulatory crackdowns on memecoin activity in Argentina, as the $4 billion wipeout has created a high-stakes environment for future digital asset policy.