Hayden Davis Testifies in LIBRA Case

Hayden Davis Testifies In LIBRA Case As Lawsuit Continues

29 June 2025 on 20: 12

Reading time: 2 minutes

New developments in the LIBRA case

The legal battle over the LIBRA coin is taking a new turn. According to the Argentine daily La Nacion, Hayden Mark Davis, the CEO Kelsier Ventures, filed a voluntary declaration last week in a federal court in New York. The lawsuit is the result of a class action lawsuit by American investors who suffered losses following the dramatic rise and subsequent collapse of the controversial LIBRA token.

Davis has denied all allegations of fraud, insider trading, or other misconduct. He attributes the sudden drop in the token’s price to Argentine President Javier Milei’s decision to remove a social media post endorsing LIBRA. According to Davis, the tweet initially sparked interest and investment in the project, but its removal sparked rumors and accusations that LIBRA was a scam, which Davis maintains are unfounded.

Davis describes LIBRA as a project designed to benefit small businesses and educational initiatives in Argentina, and not as a so-called pump-and-dump operation to defraud investors. He stressed that he had no knowledge of any so-called “snipers” (individuals who allegedly profit by purchasing large amounts of the token just before its launch) and denied any personal involvement in such behavior.

Davis has also attempted to challenge the jurisdiction of the federal courts in New York. He argues that he has no residence or business in New York and that the project was conceived and implemented in Argentina. Therefore, he suggested that any legal proceedings should take place in Argentine courts.

One notable aspect of Davis' statement was his proposal to repay approximately $100 million to investors, amounts he reportedly moved between February 14 and 15, 2025. However, this plan was halted by a US court order that seized more than $55 million in crypto assets.

The case continues to evolve, with investigations ongoing in both the United States and Argentina. The Argentine Congress recently established a special commission to investigate the issue, and experts have raised questions about the circumstances under which President Milei obtained information about the token, calling into question the credibility of some official statements at the start of the controversy.

As legal and political pressure mounts, the LIBRA case highlights the complexities and risks associated with meme coins and the influence of public figures in the digital asset market.

Frequently Asked Questions

What are the key allegations in the LIBRA case?
The main allegations are fraud and insider trading, targeting Hayden Mark Davis, the CEO of Kelsier Ventures, by US investors who suffered losses following the collapse of the LIBRA token.

What was President Milei's role in this scandal?
President Javier Milei has deleted a social media post that originally showed support for LIBRA. Davis claims that this action contributed to rumors of the token being a scam and that it was damaging to the project's image.

How does Davis respond to the allegations?
Davis denies all allegations and insists he was not aware of any malpractices, such as the use of snipers. He is calling for legal action in Argentina, where the project was founded and implemented.

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