LIBRA scandal occurrence summary

[bbc.reporter]

This occurrence is very much similar when a basketball team will be a winner with 2 points and only 1 second left. However, the other team has made an impossible 3 point shot from half court and won hehehehe. This might begin of the crumbling of Solana as the Ethereum killer season 2.

These are the people who saved Ethereum heheheheheheheheheheee.


Ethereum saviours

Launch

- Javier Milei launches memecoin with help of Kelsier Ventures
- Coin aims to 'fund Argentina's development'
- Coin runs up to $4.5bn FDV on huge volume
- Launched with a single-sided LP via Meteora, then liquidity gradually removed at higher prices
- Coin begins to fall as it becomes clear 95% of supply is unlocked to insiders + team
- Kelsier Ventures make $110m+ from the LP & coin sales
- Milei then distances himself from the coin and it crashes to $300m
- Milei has now been charged with fraud in Argentina for his involvement

KOL Involvement

- Several insider KOLs knew the launch was coming
- Several insider KOLs were paid to promote the coin
- Dave Portnoy was paid to promote but reimbursed his allocation
- Portnoy was still reimbursed for his trading losses on the coin
- Influencers are listed as partners of Kelsier Ventures on website
- Lots of rumours of screenshots showing which KOLs were involved and to what extent

Coffeezilla Interview

- Kelsier Ventures founder Hayden Davis went on Coffeezilla to talk about launch
- Davis is doxxed and living in LA
- admits to sniping supply of LIBRA alongside the massive team allocation
- using $110m+ from LIBRA as leverage in negotiations
- admits to using insider KOLs payments & tip-offs
- appears Kelsier were also involved MELANIA + several other recent pump & dumps
- admits to sniping MELENIA and selling via LP
- claims insiders in TRUMP were allowed to buy at $500m FDV pre-launch at a crypto dinner

Meteora, Jupiter & Moonshot

- Moonshot, Meteora & Jupiter admit to knowing about LIBRA beforehand
- All claim no insider trading was done by their teams
- All claim proper listing procedure was followed
- Lots of rumours of leaks to insiders on previous launches linked to Kelsier + Meteora
- Meteora CEO seen commenting on posts with Kelsier Ventures weeks ago

SOL Ecosystem

- SOL is down about 10% since the launch
- Lots of commentary that this the end of the SOL casino (for now)
- ETH & BNB have begun to outperform
- Many SOL DeFi coins down 10-20%
- Many SOL memes & AI down 20-40%

Source https://x.com/rektmando/status/1891456915596628333?s=12&t=fx2RmsbaS0qNJTJTdpNu2w

[FinneysTrueVision]

Solana only has about a fourth of Ethereum’s market cap. This narrative that it was going to overtake Ethereum has been greatly exaggerated. The Solana ecosystem being rife with scams, is predictably causing a lot of damage. This is not sustainable for the chain and the narrative will have to shift to something else if SOL is going to keep appreciating. It has already come back from the FTX disaster. These recent scams won’t be enough to destroy it, but many people will seriously be questioning their investment choices.

[bbc.reporter]

@FinneysTrueVision. There are also rumors that have begun to circulate that everything that has occurred on Solana since 2023 has been not real. There was a group people in the Solana Foundation that have paid influencers to begin marketing these many memecoins in their blockchain. The most popular of these influencers is Ansem where he was very much shilling WIF and promised that this will be presented on the Las Vegas sphere. He collected WIF donations for this, however, the presentation never happened hehehehe. He might have gambled the donations on another memecoin.

[bbc.reporter]

We can be certain that Hayden Davis of Kelsier Ventures will certainly deny that he paid the sister of Argentina's president to influence his brother to promote this scandal Argentina coin, there are leaks of text messages and other news about Meteora and the cofounder Ben Chow.

It appears that there are people who are running these swapping exchanges and liquidity providing services in Solana that are cooperating with scammers. This is one of the leaked texts of Hayden.



Libra Token’s Co-Creator Claimed He Paid Argentinian President Milei’s Sister

In the December text messages, Davis claimed he could get Milei to promote ventures on social media. Milei's tweet about Libra two months later fueled its rise. When he deleted the tweet after just five hours – and after on-chain sleuths had discovered evidence of shady dealings – Libra's price had already crashed.

Read in full https://www.coindesk.com/business/2025/02/18/libra-token-s-co-creator-bragged-of-sending-money-to-argentine-president-milei-s-sister

[TastyChillySauce00]

Solana only has about a fourth of Ethereum’s market cap. This narrative that it was going to overtake Ethereum has been greatly exaggerated. The Solana ecosystem being rife with scams, is predictably causing a lot of damage. This is not sustainable for the chain and the narrative will have to shift to something else if SOL is going to keep appreciating. It has already come back from the FTX disaster. These recent scams won’t be enough to destroy it, but many people will seriously be questioning their investment choices.

honestly, I initially think that maybe solana will overtake ethereum's throne, but can't deny that solana is too infested by scammers and ruggers that it isn't even funny. the hype from solana mainly coming from all of it memes, but now hype is fading, added with these rugs even from the "reputable" dapps inside the solana ecosystem which also got their insiders participating into the scams, this only accounting the one that got exposed, it's obvious what direction solana gonna take.

basically the ecosystem of solana has become a place where influential people and insiders extracting money from the retailer, as for liquidity, I don't think solana even has fraction of what ethereum has, restaking only got peanuts TVL compared to ethereum's.
so, yeah I agree that maybe, people overexaggerate when they say solana gonna kill ethereum. as bad as ethereum is with its scalability problem, at least it's better than these ridiculous rugs in solana.

[bbc.reporter]

There are unconfirmed news updates spreading in social media that Hayden Davis of Kelsier Ventures has committed suicide. The skeptical me thinks that this is very much early for some people involved to murder him and make it appear a suicide because the suspects would be very clear. It will be the people behind Kip Protocol and the Argentinian president.

I reckon this suicide fake news might be from himself Hayden who might presently be trying to fake his own death to begin his hiding adventure.

[bbc.reporter]

News update.

It appears that the department of justice of America has gotten involved and they will investigate the scandal behind Argentina's Libra token. If everyone can remember the news on CZ, it was the department of justice of America that placed him in prison and fined him $4 billion American dollars.

In any case, Hayden Davis to prison has a rating of 25% in Polymarket hehehehe. This might increase when the formal investigations begin.

https://polymarket.com/event/hayden-davis-in-jail-in-2025



Today, Lookonchain, a blockchain analytics firm, revealed that LIBRA and MELANIA insiders allegedly laundered funds through a suspicious meme coin transaction.

The analysis shows the insiders spent $2.76 million in Solana (SOL) to purchase POPE tokens, only to sell them for $24,000, resulting in a $2.73 million loss.
This comes as the US Department of Justice is investigating the creation and collapse of the LIBRA token, according to La Nación.

The probe examines potential economic crimes, including fraud and market manipulation, following a criminal complaint filed by an Argentine law firm with US authorities.

Key figures under investigation include Argentine President Javier Milei, whose social media endorsement of LIBRA preceded its price surge and subsequent collapse.

LIBRA founders Hayden Davis and Julian Peh are also under scrutiny, along with Mauricio Novelli, Manuel Terrones Godoy, and Sergio Daniel Morales.

Read in full https://cryptobriefing.com/meme-coin-laundering-investigation/

[Hispo]

There are unconfirmed news updates spreading in social media that Hayden Davis of Kelsier Ventures has committed suicide. The skeptical me thinks that this is very much early for some people involved to murder him and make it appear a suicide because the suspects would be very clear. It will be the people behind Kip Protocol and the Argentinian president.

I reckon this suicide fake news might be from himself Hayden who might presently be trying to fake his own death to begin his hiding adventure.

This is obviously a very serious and very mediatric news, so I would not be surprised that news was completely fake and some people were just trying to take the attention away from the actual legal proceedings which could happen against the tem behind the coin and also against the President of Argentina, because his involvement in this scam.
Hopefully, it is all just fake news and nobody has hardened themelves over any quantity of money.
Health and justice are priorities here as the criminals are brought before justice...

[bbc.reporter]

@Hispo. I reckon that we can conclude that this was fake news. The rumor appears to be that it was taken by social media influencers as an opportunity to get more clicks and views for their accounts. This is very headshaking behavior hehehe.

Also, similar to what I have mentioned before, the comedy is it is Hayden Davis who spread the rumor to create a belief that he is dead already heheheheh. He might be faking his own death as a solution to his problem hehehehe.

[bbc.reporter]

News update.

It appears that this scandal is beginning to become a political issue. The lawyer of the former president of Argentina has declared that interpol should put Hayden Davis on red notice and serve him a warrant to put him in prison.

I speculate that this is being forced by the political enemies of Javier Milei, the president of Argentina, to expose him as also very corrupt.



The LIBRA crypto scandal that rocked Argentina's political landscape entered a new phase this week after Gregorio Dalbon, an Argentine lawyer, formally requested the international detention of Hayden Davis, the crypto entrepreneur identified as the alleged central figure behind the token's collapse.

The petition, submitted Tuesday to lead prosecutor Eduardo Taiano and Judge María Servini, seeks an Interpol Red Notice to facilitate Davis's detention and extradition from the U.S.

Dalbon, who represented former Argentine President Cristina Fernandez over a corruption case, did not immediately return Decrypt's multiple requests for comment. A request from Decrypt to Davis’ lawyer has gone unanswered.

Read in full https://decrypt.co/309801/argentine-lawyer-calls-for-arrest-of-crypto-entrepreneur-tied-to-libra-scandal

[nelson4lov]

~Snipped

I speculate that this is being forced by the political enemies of Javier Milei, the president of Argentina, to expose him as also very corrupt.

Well, I can't speak in defense of Javier Milei especially since there's no way to know the true story of his involvement. Also, as a president, he should've known that everyone he posts should be thoroughly vetted and checked before even making it to the schedule list.

If he ends up getting impeached, it was all his doing because he gave his "enemies" the window of opportunity to strike.

[Taskford]

~Snipped

I speculate that this is being forced by the political enemies of Javier Milei, the president of Argentina, to expose him as also very corrupt.

Well, I can't speak in defense of Javier Milei especially since there's no way to know the true story of his involvement. Also, as a president, he should've known that everyone he posts should be thoroughly vetted and checked before even making it to the schedule list.

If he ends up getting impeached, it was all his doing because he gave his "enemies" the window of opportunity to strike.

But I think his political enemy outsmart him and now he's facing major controversy which provably can affect his political career if proven guilty. So maybe lets see what's going to happen in his case since his case has gather lots of attention on global medias.

If he really got impeached due to latest issue then I guess this will serve as warning to other politician in their country that they should be more careful taking decisions and everything what they do so that their enemies will not find any lapses that can cause for their fall down.

So lets find out how he gonna end up in this situation.

[gunhell16]

Solana only has about a fourth of Ethereum’s market cap. This narrative that it was going to overtake Ethereum has been greatly exaggerated. The Solana ecosystem being rife with scams, is predictably causing a lot of damage. This is not sustainable for the chain and the narrative will have to shift to something else if SOL is going to keep appreciating. It has already come back from the FTX disaster. These recent scams won’t be enough to destroy it, but many people will seriously be questioning their investment choices.

honestly, I initially think that maybe solana will overtake ethereum's throne, but can't deny that solana is too infested by scammers and ruggers that it isn't even funny. the hype from solana mainly coming from all of it memes, but now hype is fading, added with these rugs even from the "reputable" dapps inside the solana ecosystem which also got their insiders participating into the scams, this only accounting the one that got exposed, it's obvious what direction solana gonna take.

basically the ecosystem of solana has become a place where influential people and insiders extracting money from the retailer, as for liquidity, I don't think solana even has fraction of what ethereum has, restaking only got peanuts TVL compared to ethereum's.
so, yeah I agree that maybe, people overexaggerate when they say solana gonna kill ethereum. as bad as ethereum is with its scalability problem, at least it's better than these ridiculous rugs in solana.

Honestly speaking, that's what I think about Solana, which could be the next Ethereum, but before I thought about Pol (formerly Matic), it just seemed like I was slowing down its development and Solana was ahead of it in reality.

And there are many of us here who have many under Solana networks that made noise in the crypto market last year, but what I don't want is for it to eventually become a nest for scammers to create shit coins, meme coins that are worthless. Which in turn leads to many communities falling for exploitative developers who create meme coins.

[o48o]

News update.

It appears that this scandal is beginning to become a political issue. The lawyer of the former president of Argentina has declared that interpol should put Hayden Davis on red notice and serve him a warrant to put him in prison.
-cut-

Becoming? How wasn't this political issue and political corruption by definition at the start? Just like Trump shilling trump tokens, nfts or teslas.
We are definitely living in the darkest timeline.

But i don't think that the amount of scammers and scam tokens can define the integrity of a blockchain itself. That just means it's a practical and cheap chain to to use And criminals are using tech that doesn't discriminate them. They use tech that work. That's one of the arguments that was made from bitcoin back in time.

What happens with SOL scams is that people are going to trust less on the tokens launched on it, like they should have done all along.

BNB was considered to be full of scam tokens before SOL, as it was cheap to run scams on as well. SOL tokens are basically running with same idea. Cheap fees = cheap scams.

[Tipstar]

I don't think Javier Milei had wrong intentions while trying to launch LIBRA, he might have done it for gathering some money to develop Argentina. He might have chose wrong people to operate it. A crypto is a wild place and you don't have control over a coin unless you can buy them back with immediate profits but as the money you raised won't immediately start bringing you profit or you don't have a buy back and burn mechanism altogether, the price would depend on the market. When market controls the price, there would be pumps and dumps and no one can be held liable as there's no direct involvement of anyone in manipulating the price.

[o48o]

I don't think Javier Milei had wrong intentions while trying to launch LIBRA, he might have done it for gathering some money to develop Argentina. He might have chose wrong people to operate it. A crypto is a wild place and you don't have control over a coin unless you can buy them back with immediate profits but as the money you raised won't immediately start bringing you profit or you don't have a buy back and burn mechanism altogether, the price would depend on the market. When market controls the price, there would be pumps and dumps and no one can be held liable as there's no direct involvement of anyone in manipulating the price.

That doesn't really make it any better. As "road to hell is paved with good intentions". That would just mean that he was incompetent enough to not do any research, because he either didn't understand how, didn't care or both. Resulting to the fact that scammers are in full control.

It can also be a common tactic called weaponized incompetence, that you can get away with if you didn't even want to have responsibility, but that wouldn't apply on people who have implied that they are responsible enough to be in charge.

Also i am not sure if you know how pump and dump works. Pump and dump scam doesn't happen because market controls the price, it's a term for a specific scheme, where issuer controls the huge majority of the supply. This enables them to even control the price by inflating it artificially. Other reason why tokens dump in value, is because they didn't have any intrinsic value in the first place. In other words they are worthless and price, or starting valuating was just based on speculation.

[Hispo]

I don't think Javier Milei had wrong intentions while trying to launch LIBRA, he might have done it for gathering some money to develop Argentina. He might have chose wrong people to operate it. A crypto is a wild place and you don't have control over a coin unless you can buy them back with immediate profits but as the money you raised won't immediately start bringing you profit or you don't have a buy back and burn mechanism altogether, the price would depend on the market. When market controls the price, there would be pumps and dumps and no one can be held liable as there's no direct involvement of anyone in manipulating the price.

Also, as far as I know this is not the first time Javier Milei get involved in a scandal which has to do with some cryptocurrency or token associated with scams. Before becoming the president of the  country, I recall he was promoting some tokens or protocols which end up being ponzi schemes... millions of people lost their money and for some reason he managed to continue to walk around unpunished for that advertising.

So, this is not the first time the people of the Argentina has been scammed by politicians and specifically by Javier Milei, and I am afraid he is going to continue to walk around unpunished because of the scandal of Libra.

[moneystery]

I don't think Javier Milei had wrong intentions while trying to launch LIBRA, he might have done it for gathering some money to develop Argentina. He might have chose wrong people to operate it. A crypto is a wild place and you don't have control over a coin unless you can buy them back with immediate profits but as the money you raised won't immediately start bringing you profit or you don't have a buy back and burn mechanism altogether, the price would depend on the market. When market controls the price, there would be pumps and dumps and no one can be held liable as there's no direct involvement of anyone in manipulating the price.

he is a president of a big country. he has capable people in their fields, such as advisors, experts, etc., but he only accepted the invitation to spread information about the token without first searching about who is behind the token and what the purpose of the token is. i can't say that he is stupid or too naive in this matter, but he deserves to be blamed for this. maybe impeaching him was too harsh a punishment, but at least he was involved in spreading information about the token and he shouldn't try to wash his hands of it.

[bbc.reporter]

~Snipped

I speculate that this is being forced by the political enemies of Javier Milei, the president of Argentina, to expose him as also very corrupt.

Well, I can't speak in defense of Javier Milei especially since there's no way to know the true story of his involvement. Also, as a president, he should've known that everyone he posts should be thoroughly vetted and checked before even making it to the schedule list.

If he ends up getting impeached, it was all his doing because he gave his "enemies" the window of opportunity to strike.

His involvement on this memecoin is very low, I reckon. However, this is not without coming from him or his team. I speculate that Javier Milei's team worked with Keiser Ventures to launch the token and knowing that this token will pump, Keiser Ventures bought a much tokens for itself before the official announcements were shared in social media to dump on buyers.

If the scandal behind this was not exposed, we can be quite certain that the chart for this token would be very much similar to its present chart and the chart of many of these memecoins that are pumped and dumped by insiders and influencers.

What has occurred on Argentina token is what has been occurring in much of these memecoins in Solana. This has been a reoccurring scam.