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LIBRA Creator’s Memecoin Admission Puts $280M in Frozen Assets at Risk

Hayden Davis’s court concession that LIBRA was never intended as a legitimate investment has intensified scrutiny before the Southern District of New York’s August 19 hearing.

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Overview

  • On July 26 in the Southern District of New York, Hayden Davis conceded that LIBRA was created purely as a memecoin with no serious business purpose.
  • Davis’s admission could strongly influence judicial rulings over $280 million in assets that have been frozen pending the August 19 hearing.
  • Court filings show Davis-linked wallets moved $499,000 and $507,000 in USDC to exchanges during his January 30 meeting with President Javier Milei at Casa Rosada.
  • LIBRA’s February 14 launch saw its value soar to a market cap above $200 million before crashing and inflicting heavy losses on early buyers.
  • President Milei’s endorsement of the token has led Argentina’s anti-corruption office to open an investigation and fueled impeachment calls.