Milei’s ‘Secret’ Crypto Pact: Leaked Contract Exposes Hayden Davis Advisor Role

The smoking gun in Argentina’s “Libragate” scandal has surfaced. A confidential agreement signed by President Javier Milei and Kelsier Ventures CEO Hayden Davis, inked just two weeks before the $LIBRA token’s catastrophic collapse, was made public Tuesday, contradicting the administration’s claims of incidental involvement.

The document, dated January 30, 2025, formally appointed Davis as an “ad honorem” specialized advisor on blockchain and AI. While the contract stipulated no official salary, on-chain data tells a different story. Following the signing at the Casa Rosada, wallets linked to Davis (specifically HDS2 and HDS3) executed transfers totaling $5.7 million.

The Paper Trail

Investigators tracked the funds through a network of intermediaries, identifying Orlando Rodolfo Mellino, a 75-year-old retiree, as a primary conduit. Mellino’s accounts funneled the assets to “CPE22,” a suspected crypto shadow bank (“cueva”) flagged by Argentina’s Secretariat for Financial Investigation.

“I control that [expletive]. I send $$ to his sister and he signs whatever I say.” Alleged text from Hayden Davis regarding the administration.

The timing is damning. Only 15 days after the ink dried, Milei promoted $LIBRA on X. The token surged from $0.000001 to $5.20 (+520,000,000%) in 40 minutes, swelling to a $4.6 billion market cap. Liquidity vanished instantly when insider wallets, holding 70% of the supply, dumped positions. The token plummeted 85% in hours, leaving retail investors with losses exceeding $250 million.

Institutional Fallout

The leak complicates Milei’s defense in ongoing federal investigations in both Buenos Aires and the United States. While the President initially dismissed his promotion of the token as a casual “repost,” the advisory contract establishes a formal, premeditated legal relationship with the token’s architect. $LIBRA currently trades at fraction of a cent, with a market cap of just $162 million.