In the latest twist in the LIBRA coin legal battle
In a recent development in the ongoing legal battle surrounding the LIBRA coin, Hayden Mark Davis, CEO of Kelsier Ventures, made a voluntary statement to a federal court in New York, as reported by Argentinian newspaper La Nacion. The case revolves around a class action lawsuit filed by U.S. investors who suffered losses due to the tumultuous rise and fall of the controversial LIBRA token.
Denial of Allegations
Davis vehemently denied all allegations of fraud, insider trading, or any other wrongdoing. He attributed the sudden drop in LIBRA’s price to Argentine President Javier Milei’s decision to delete a social media post endorsing the token. According to Davis, Milei’s tweet initially sparked interest and investment in LIBRA, but its deletion led to rumors and accusations of a scam, which Davis refutes.
He described LIBRA as a project aimed at supporting small businesses and educational initiatives in Argentina, distancing it from any fraudulent activities. Davis claimed ignorance of any “snipers” profiting from the token’s launch and denied personal involvement in such activities.
Jurisdiction Challenge
Davis also contested the jurisdiction of New York federal courts, stating that he has no ties to New York and that the project was conceived and executed in Argentina. He suggested that legal proceedings should take place in Argentine courts instead.
Return of Investor Funds
In a surprising turn, Davis proposed to return around $100 million in investor funds, which he reportedly transferred between February 14 and 15, 2025. However, a U.S. court order froze over $55 million in crypto assets, halting this plan.
Ongoing Investigations
The case continues to unfold, with investigations underway in both the United States and Argentina. The Argentine Congress has formed a special commission to investigate the matter, and questions have been raised about how President Milei obtained information about the token, casting doubt on initial official statements.
Implications for Meme Coins
As legal and political scrutiny mounts, the LIBRA case underscores the complexities and risks associated with meme coins and the impact of public figures on the digital asset market.