tl;dr
Hayden Davis, CEO of crypto firm Kelsier, is embroiled in controversy after the launch of the Solana-based token LIBRA, promoted by Javier Milei. The token's value collapsed, leaving investors with losses. Davis claims to hold $100 million from the launch and states the funds were to be reinvested. ...
Little-known entrepreneur Hayden Davis, CEO of crypto firm Kelsier, is embroiled in controversy after the collapse of Solana-based token LIBRA. The token's value swiftly collapsed, leaving some investors with crushing losses amid accusations of market manipulation and insider selling. Davis claims to hold $100 million from the launch and states the funds were to be reinvested, but the source of the funds remains unclear.
Argentine lawyers pursue fraud complaints, while Javier Milei, who promoted LIBRA, has distanced himself from the project. Despite accusations, Davis asserts that he never planned to abscond with the $100 million, stating that it was necessary to ensure the token’s longevity. However, the situation has escalated, and Davis now fears for his safety.
On-chain analytics firm Bubblemaps flagged five digital wallets containing $87 million worth of Solana and USDC, with $82.9 million still in three wallets. When it became clear that Milei’s promised second post on LIBRA would never come, Davis was instructed to hold off on reinvesting the $100 million, causing internal debate within his team. Davis expressed his fear for his life, emphasizing that the situation has spiraled into a multi-billion dollar political drama.
This saga involving Davis and the collapse of LIBRA serves as a stark reminder of the risks and complexities within the cryptocurrency market. The repercussions of this controversy are yet to fully unfold, leaving both investors and industry insiders on edge about the unpredictable nature of the crypto world.