Argentina’s President, Javier Milei, faces a complex judicial moment. The federal court has ordered a key forensic examination of his mobile phone. This measure is part of a case investigating him for alleged fraud and participation in a Ponzi scheme. The case centers on Milei’s promotion of the cryptocurrency investment platform CoinX before he took office.
The decision was driven by the federal prosecutor’s office No. 10 of Buenos Aires. It seeks to determine the now-president’s connection to those responsible for CoinX. The platform stopped paying its investors in 2022, leading to numerous complaints. Prosecutors want to access message exchanges between Milei, his sister Karina Milei (current General Secretary of the Presidency), and the firm’s inner circle. The technical examination will attempt to recover all relevant information from the devices, even if it has been deleted.
What is the Justice System Looking for on the President’s Phone?
The investigation into Javier Milei’s phone focuses on his role as a promoter. The president had publicly recommended CoinX on his social media. He claimed it offered returns far superior to the market, which attracted many investors who later lost their money. The prosecution suspects that Milei may have been aware of the fraudulent nature of the business. Therefore, analyzing his communications is crucial to clarify if his involvement went beyond simple advertising.
This case revives the debate on the responsibility of public figures when promoting risky assets. Before his turn to politics and impacting the country’s economy, Milei was known for his role as a media economist. His endorsement of CoinX was based on that credibility, which worsens the implications of the accusation. The president’s defense argues that he merely provided a dissemination service, without being part of the alleged fraud.
Milei’s Past as a Crypto Promoter Haunts Him
The consequences of this scandal are significant. For the digital asset market in Argentina, it sets a precedent for advertising regulation and investor protection. For the president, it represents a challenge to his public and political image. The case began long before he came to power, but the presidential inauguration did not halt the course of justice, which is now moving forward on his personal communications.
The future of the case will depend on the findings of the forensic examination. If evidence of a direct and conscious link to the scam is found, Javier Milei’s legal situation could become seriously complicated. For now, the market is watching closely how the president’s past in the crypto world impacts his present as head of state, amidst a complex context of structural reforms in the country.
