Forensic Analysis Finds Draft $5M Libra Token Deal

The Libra token scandal just got a paper trail. Forensic investigators analyzing the phone of Argentine crypto lobbyist Mauricio Novelli recovered a draft document outlining a $5 million payment structure apparently tied to President Javier Milei's decision to publicly endorse the memecoin — and the specifics of how those payments were structured are, to put it mildly, extremely inconvenient for everyone involved.

What the Draft Document Actually Says

The note was written in English on February 11, 2025 — three days before Milei posted about Libra on X. It opens with a line that reads: "Hello friends, this is the final agreement discussed with H." That "H" is believed to refer to Hayden Davis, the crypto entrepreneur behind Kelsier Ventures who Milei briefly named as a blockchain and AI adviser.

The payment breakdown is what makes this hard to dismiss as speculation. $1.5 million in liquid tokens or cash upfront. Another $1.5 million contingent on Milei publicly naming Davis and Kelsier as his advisers on Twitter. Then $2 million — the final tranche — for a signed consulting contract with Milei himself, or with his sister and political confidante Karina, covering blockchain and AI services for the Argentine government.

Read that again. The payments were tied directly to specific presidential actions — a public announcement, a contract signing. That's not a lobbying fee. That's a milestone-based deal structured around what Milei would do and say.

$1.5M of liquid tokens or cash as an advance. $1.5M in liquid tokens or cash = Milei announces on Twitter that his advisor is Hayden Davis/Kelsier/the Davis family. $2M in tokens or cash = contract signed in person with Milei.

Who Was Getting Paid?

Why the missing recipient detail matters more than you'd think

Here's the part that should generate more scrutiny: the draft note doesn't name who receives the $5 million. Investigators found it on Novelli's phone — but the document doesn't explicitly say Novelli is the payee, or that he's a middleman, or anything else. That ambiguity is either a serious oversight in drafting or entirely intentional.

The materials had been held by prosecutor Eduardo Taiano since November before being made public, according to Javier Milei coverage by Argentine outlet El Destape. Novelli was in Dallas when the Libra token launched — and call records show he was in contact with both Milei and his sister Karina shortly before and after the president's social media post went live.

The Crash and What Investors Lost

Whatever was or wasn't agreed to, the consequences for retail investors were catastrophic. The Libra token shot to a $4 billion market cap within hours of Milei's endorsement on February 14, 2025, then collapsed 94% — wiping out approximately $250 million across more than 40,000 wallets. Opposition lawmakers in Argentina moved to impeach Milei. He denied promoting the token, claiming he had merely "spread the word."

Call that what you want. The milestone-based payment structure in Novelli's draft tells a more specific story about what "spreading the word" was actually worth.

A Second Note — and a Pre-Written Tweet?

Investigators also found a second draft on Novelli's phone, dated February 16, 2025 — two days after the Libra blow-up went viral. This one, written in Spanish, appears to script a public statement denying financial involvement and blaming political opponents. Translated, the note reads: "This is what I want for the tweet. This is the only thing that saves him, me, and us."

Authorities believe it may have been prepared for Milei to post or reference in an interview. Novelli was also on the phone repeatedly with presidential adviser Santiago Caputo during those frantic hours, while the government tried to contain the fallout. Two documents. Two timelines. One before the launch, one after the crash. The paper trail is filling in fast.