Libra Token Collapse Sparks Legal Action
Argentine federal prosecutor Eduardo Taiano is seeking to freeze over $110 million in proceeds linked to the Libra memecoin scandal, a case that has gained attention due to its alleged connection to President Javier Milei.
The investigation centers around Libra, a Solana-based memecoin, which was promoted by Milei on social media. Following his endorsement, the token’s fully diluted market cap skyrocketed to $2 billion, before collapsing over 90%. The token now has a market cap of approximately $100 million.
Prosecutor’s Requests and Political Fallout
Taiano has requested the freezing of assets from Libra’s launch and is also working to recover deleted social media posts, including Milei’s original endorsement. Additionally, the prosecutor has sought phone records and visitor logs from the presidential office.
The case has ignited political controversy, with opposition figures calling for Milei’s impeachment. However, Milei’s allies claim that he was not directly involved in the creation of the token.
Milei’s Association with Hayden Davis
Hayden Davis, CEO of Kelsier Ventures, is believed to have played a key role in getting President Milei to promote Libra.
- Davis previously claimed to be Milei’s advisor and said he worked closely with the president’s team.
- A photo of Milei with Davis, originally posted on Milei’s X (Twitter) account, has since been deleted.
- In an interview with YouTube investigator Coffeezilla, Davis admitted to holding around $113 million in Libra-related proceeds, including $100 million in stablecoins and $13 million in LP fees.
With authorities ramping up their probe, the Libra case could have significant legal and political consequences for Argentina’s leadership.
