26.07.2025 21:00
The LIBRA cryptocurrency project, spearheaded by entrepreneur Hayden Davis, has taken a dramatic turn, with Davis himself now characterizing it as a mere "memecoin" in a recent US court filing. This startling admission comes amidst a significant ongoing legal battle involving the freezing of $280 million in crypto assets and allegations of fraudulent activity.
Davis's declaration, made before Judge Jennifer L. Rochon in the Southern District of New York, casts a new light on the project's intended purpose. He explicitly stated that LIBRA was never conceived as a legitimate investment vehicle, instead framing it as a speculative, humorous cryptocurrency. This revelation significantly impacts the ongoing legal proceedings concerning the frozen funds.
The legal team representing Davis further argues that LIBRA lacked any formal structure or business plan. They contend that the project had no defined distribution strategy, no financial projections, and no concrete plans for utilizing the funds raised. Their defense centers on the assertion that memecoins like LIBRA are essentially valueless collectibles, devoid of inherent financial worth, effectively dismissing allegations of a deliberate investment scheme.
Adding to the intrigue, suspicious financial transactions have come under scrutiny. Court documents cite the transfer of approximately $500,000 in USDC to the Kraken exchange on January 30th, allegedly coinciding with a meeting between Davis and Argentine President Javier Milei. Remarkably, within an hour of an image of this meeting surfacing online, another transaction exceeding half a million dollars was processed via Bitget, both linked to Davis and other cryptocurrencies he promoted, including one dubbed "MELANIA". These events, along with the initial rapid price fluctuations of LIBRA, fueled initial concerns of fraudulent activities. The ongoing investigation promises further revelations as a hearing is scheduled for August 19th, with discussions underway regarding a potential change of venue for the trial. This case continues to unfold, raising significant questions about the accountability and transparency within the cryptocurrency market. The information presented here comes from internet sources.
