🌎 Argentina’s LIBRA Token Plunges

Argentina’s President Javier Milei is facing an impeachment trial after promoting a cryptocurrency token called LIBRA, which saw its value plummet by over 90% just hours after its debut. The token, launched on the Solana blockchain, was meant to help Argentina’s economy but instead led to a $4 billion market cap wipeout.

The LIBRA Token Debacle

The LIBRA token was promoted by President Milei as a means to support small businesses and stimulate Argentina’s economy. However, insider wallets cashed out over $100 million in liquidity, leading to the token’s collapse. The launch of the LIBRA token involved several key individuals and organizations, including:

President Javier Milei, who publicly endorsed the token
KIP Protocol, a decentralized AI framework that claimed to have played a key role in the token’s development
Julian Peh, co-founder and CEO of KIP Protocol, who met with President Milei to discuss how KIP’s decentralized AI technology could align with Argentina’s technological ambitions
Hayden Mark Davis, a serial crypto entrepreneur who was involved in the token’s promotion

Hayden Mark Davis Under Scrutiny

Davis, who claims to be the CEO of a crypto firm called Kelsier Venture, is under scrutiny for his role in launching the token. He has been accused of promoting the token and later blaming President Milei for withdrawing support, which he claims led to the token’s collapse.

Davis has also been linked to a pump-and-dump incident involving the MELANIA token. Analysts at blockchain analytics platform Bubblemaps have uncovered on-chain evidence suggesting that the entity behind the LIBRA crash also orchestrated the MELANIA token launch.

Davis Admits to Holding $100 Million

In an interview with crypto investigator Stephen Findeisen, Davis admitted that he’s holding $100 million affiliated with the project, calling it “leverage with certain groups and parties.” He also pledged to return “every single dollar that was collected from fees, or farming or liquidity, anything I’ve managed to get back and my intention is to inject everything back into the Libra chart.”

“The fact that I have control is also what’s making me a target and also is protecting me. Because this is an international incident. This isn’t like some random fucking scam.” – Hayden Mark Davis

Tips for Retail Investors

Davis has warned retail investors who think they can make millions trading meme coins to “study their fucking ass off,” adding that the meme coin space is an “unregulated casino.” Here are some tips for retail investors: