The Bitcoin Defense Manuel Adorni, President Javier Milei's cabinet chief and closest political ally, has a straightforward explanation for the roughly half a million dollars he kept off his
Manuel Adorni, President Javier Milei's cabinet chief and closest political ally, has a straightforward explanation for the roughly half a million dollars he kept off his official asset declarations for years: Bitcoin.
In an interview after filing amended asset declarations, Adorni acknowledged that he had failed to declare $300,000 in Bitcoin earnings, which he said stemmed from an initial $200,000 investment in the cryptocurrency between 2014 and 2018."I made a mistake, but I am not a thief," he said, adding that President Milei supported and "trusted" him.
The judiciary is investigating Adorni over potential illicit enrichment or conflicts of interest, offenses he denies. For months the cabinet chief refused to explain how he paid for a clear upgrade in his lifestyle since joining the government.Details that have since emerged include the acquisition of two properties not included in his asset statements, several trips abroad with his family, and other expenses incurred over the past two years that appear incompatible with his public salary.
Rather than closing the case, the Bitcoin explanation opened a new front. Argentina's crypto industry, which is tight-knit and well-documented, says it has no memory of Adorni.
A 2020 video of a presentation Adorni gave to the online platform Lemon has resurfaced. During that talk, the official said his first contact with Bitcoin occurred when the cryptocurrency was trading at around $6,000, and he acknowledged having limited knowledge of the market at the time. Bitcoin first touched $6,000 in October 2017, which conflicts with his claim of investing heavily from 2014.
Blockchain specialist Fernando Molina analysed one of the digital wallets Adorni displayed during a television interview and estimated potential profits of around $60,000, far below the $300,000 Adorni claimed to have earned.Programmer Maximiliano Firtman separately identified inconsistencies in asset declarations linked to the official's cryptocurrency holdings.
Industry veterans note that exchange platforms were scarce at the time, liquidity was limited, and a single purchase of that magnitude would have required complex mechanisms and would likely have been known across the specialist community. Sebastián Serrano, founder of Ripio, one of Latin America's earliest crypto firms, said publicly that the account does not add up, noting it would be unusual to stake a lifetime's savings on an asset one does not fully understand.
The investigation continues in federal court under judge Ariel Lijo and prosecutor Gerardo Pollicita. The case file includes an order lifting Adorni's banking, tax, and financial secrecy protections, and prosecutors have requested information from more than 20 financial institutions and digital platforms, including Binance, Ripio, and Lemon.
Rather than ending the controversy, the explanation widened it. Opposition lawmakers have demanded further documentation, and some have floated a censure motion.
Sources:Buenos Aires Herald: Adorni's Bitcoin explanation deepens controversy over his undeclared wealthBuenos Aires Times: Bitcoin specialists cast doubt on Adorni's account of wealth surgeCryptoNews: Milei's Cabinet Chief Faces Harder Scrutiny After His Bitcoin Disclosure
