Libra Coin crashed within hours of being considered a successful launch. Libra was approved by Argentine President Javier Mairi. Hayden Davis, one of the co-creators, revealed that insiders were given priority access to buy early purchases.
With a surprising twist on the already tumultuous Libra cryptocurrency story, one of the co-creators, Hayden Davis, has allegedly given priority access to purchase tokens before the launch of the official market. I’ve submitted it.
The claims emerge in an interview with investigative journalist Stephen Finten, known as Coffee Zilla, and sheds light on what Davis describes as an “insider game.”
Rapid rise and fall of Libra
Libra Cryptocurrency is designed to potentially stimulate Argentina’s economic growth by leveraging topics related to blockchain technology and funding small and medium-sized businesses and start-ups.
The token was developed by a team including Hayden Davis under the Kelsier Ventures banner and had technical support for the KIP protocol. The KIP protocol was invited after launch to manage the selection of funded technology projects. Libra is hosted on the Solana blockchain and is known for its speed and low transaction fees, making it a popular choice among Memecoin enthusiasts.
On February 14, 2025, Argentine President Javier Miley threw his weight behind Libra through social media support, describing it as a tool that “encourages the growth of the Argentine economy.” The value of the tokens skyrocketed almost instantly, with market capitalization exceeding $4 billion.
However, this meteor rise was short-lived. Within hours, the value of Libra plunged to nearly zero, with more than $87 million being cashed by insiders in the first three hours, according to financial analysts.
Javier Milei has just destroyed the Memecoin market.
A few hours ago, Argentinean President Mairay launched Mimecoin $libra for “growth in their economy.”
Within five hours, its market capitalization of over $4.4 billion was erased.
Is this the biggest rug pull in history?
(Thread) pic.twitter.com/t4t69r851d
– February 15th, 2025, Kobeissi letter (@kobeissiletter)
The collapse was attributed to classic signs of “ragpur,” where token creators and insiders inflate and abandon the project, leaving behind huge losses for investors.
In particular, the website associated with Libra, Vivalalibertadproject.com, was registered on the same day as its launch, suggesting the rushed, potentially speculative nature of the project.
Hayden Davis interview revelation
In an honest interview with Coffee Zilla, Hayden Davis, also known as Kelsier, was allowed to purchase 500 million tokens at a discounted price for a private dinner in Washington, DC before Libra was released. He claimed that it was.
Davis described the “insider games” and the crypto industry, particularly in this example, where access to early and beneficial opportunities is not fairly distributed.
Davis further acknowledges his involvement in another project, Melania, implying that similar tactics were used there. His revelation paints a picture of a market where a connected person manipulates the results for personal gain and the average investor is significantly less favored.
https://www.youtube.com/watch?v=eqizjtbxaem
President Milei faces the possibility of a blast each
The fallout from the Libra’s fiasco has plunged President Javier Mairay into a political maverick. Critics, including opposition leaders and legal experts, have accused Mairay of fraud and pointed to his Libra promotion, which many viewed as support for speculative assets that led to investors’ losses. .
The situation escalates to the point where an Argentine lawyer filed a fraud lawsuit in a criminal court, claiming that the case is similar to “ragpur,” where investors are fascinated by promises just to destroy the value of their investment. It’s doing it.
This scandal not only undermined Milei’s reputation, but also prompted him to call each of his bullets. Political enemies, including former president Christina Fernandez de Kirchner, seized the opportunity to delineate the incident as a betrayal of public trust and challenge Mairei’s leader.
The controversy led to a formal investigation by the Argentine Department of Corruption, examining whether Mairay or his administration had acted inappropriately or if he knew the suspicious foundations of the token.
