LIBRA Creator Confirms Memecoin Status in Ongoing Fraud Trial
Hayden Davis, associated with the LIBRA memecoin, stated in court that the token was created as a joke rather than for serious business use. The LIBRA token launched on February 14, 2025, gained initial attention after support from Argentine President Javier Milei, but its value plummeted shortly after, leading to significant investor losses.
Key Developments in LIBRA Case
- A $499,000 USDC transfer occurred during a meeting between Davis and President Milei on January 30, 2025.
- Investigators are examining this transfer linked to a wallet associated with Davis's previous project, $MELANIA.
- Following the meeting, another $507,000 was transferred from a different wallet connected to Davis.
- Prior to the LIBRA launch, Davis moved $1.275 million to Gate.io, starting with a $100 test transfer.
- The LIBRA token reached a valuation of $4.5 billion before crashing by 95%.
Ongoing investigations involve both U.S. and Argentine authorities, focusing on the financial activities surrounding the LIBRA token and the relationships among involved parties. Further court hearings are anticipated.