Argentine federal prosecutor Eduardo Taiano is overseeing a judicial investigation that has produced new documentary evidence connecting Milei to the $LIBRA launch. Forensic analysts examining the iPhone of crypto lobbyist Mauricio Novelli uncovered the draft on his device. Novelli has been identified as the central node of communications, connecting memecoin promoters, including Hayden Davis, with Argentine officials, including Milei's sister Karina, a role that places his phone at the heart of the investigation. The document, written in English and dated February 11, 2025, was composed three days before Milei published a post on X promoting the token alongside a Solana contract address. The token subsequently peaked at roughly $4.5 billion in market capitalization before losing more than 94% of its value within hours, causing estimated losses of $250 million to $280 million across approximately 40,000 to 75,000 traders.

The draft document opens with the line: "Hello friends, this is the final agreement discussed with H." Investigators believe the initial "H" refers to crypto entrepreneur Hayden Davis, associated with Kelsier Ventures, a firm connected to the token's launch. The proposed payment structure breaks into three portions: $1.5 million in liquid tokens or cash as an upfront advance; a further $1.5 million contingent on Milei publicly naming Hayden Davis, Kelsier, or the Davis family as his advisor on X; and a final $2 million tied to a formal government consulting contract signed in person with Milei, with his sister and Chief of Staff Karina Milei listed as a party to the review. That last condition references a meeting held at Casa Rosada on January 30, 2025. Investigators have not confirmed the document was signed, and no verified payment has been established. The document does not name the recipients of the funds.

Call logs extracted from Novelli's phone add further weight to the investigation. Records show more than 35 contacts between Novelli and Milei in the period leading up to the launch. Forensic analysts identified at least five messages exchanged between the two in both directions at approximately 7:01 PM on February 14, 2025, the precise moment Milei posted the $LIBRA contract address to X. A second document recovered from Novelli's device, dated February 16, 2025, appears to address crisis communications coordination in the days following the token's collapse and includes material related to coordinating Milei's media response in the immediate aftermath, suggesting Novelli's involvement extended beyond promotion into damage control. Milei had claimed publicly that he "simply copied the Libra contract code from the internet." Congressional forensic experts, testifying under oath, directly contradicted that account, stating the contract code was not publicly accessible online at the time Milei posted it. Milei's office declined to comment on the forensic findings.

On-chain data analyzed by blockchain intelligence firm TRM Labs details how the token launch arrangement operated at the token level. $LIBRA is an SPL token on the Solana blockchain (contract: Bo9jh3wsmcC2AjakLWzNmKJ3SgtZmXEcSaW7L2FAvUsU), with liquidity managed through the Meteora DeFi protocol. Roughly 85% of the token supply was withheld from public circulation at launch. One address received 1 million $LIBRA tokens approximately 20 minutes before Milei's announcement, which were then deposited into a Meteora liquidity pool. Insiders collectively extracted an estimated $87 million to $107 million, including $7.8 million in SOL pulled directly from the Meteora pool. Within 48 hours of the collapse, 112 criminal complaints were filed in Argentina's Supreme Court.

The political fallout has been significant but inconsistent. Argentina's congressional investigative commission assigned "political responsibility" for the collapse to both Milei and Karina Milei, citing what it called alleged fraud. The government's own Anti-Corruption Office cleared the president of violating public ethics rules; however, that investigation was initiated by Milei himself, a fact that distinguishes it from an independent body reaching the same conclusion. Milei subsequently dissolved the task force his administration had created to investigate what critics called "cryptogate." A separate federal criminal investigation remains active.

For investors and regulators outside Argentina, the case carries direct implications. Burwick Law, which is pursuing a class action in the Southern District of New York, reports its 3,800-plus plaintiffs include victims from Argentina, the United States, and other countries in the hemisphere, as well as Europe, Asia, and Africa, making this one of the most globally dispersed memecoin fraud cases on record. Argentine courts have already frozen $110 million in assets. The structural mechanics documented here, including pre-positioned insider wallets, withheld token supply, coordinated sell-offs, and political amplification, represent a replicable playbook. Retail investors in markets such as Nigeria, Kenya, India, and Pakistan, where crypto adoption is partly driven by inflation hedging and limited access to formal banking, face heightened exposure to politically endorsed tokens because regulatory protections are still forming. Argentina's own securities regulator, the Comisión Nacional de Valores (CNV), the country's National Securities Commission and its equivalent of the SEC, issued its first formal cryptocurrency rules in March 2025, one month after the collapse.

The investigation under prosecutor Taiano is continuing. No charges have been filed against Milei as of publication. Whether the draft agreement represents an executed arrangement or a proposal that never advanced remains a central question for the court.