LIBRA FARCE REVIEW: BEHIND THE ARGENTINE CURRENCY CUT 100 MILLION, WHAT ELSE IS THE INSIDE STORY?

Do you still remember when Solayer developer Chaofan Shou said that he and Solayer engineer lost over 2 million dollars on LIBRA? And that phrase 'Let's see what two Hackers and a free weekend can bring us'.

Just as the weekend ended, the LIBRA project has indeed been exposed to many dramas. BlockBeats has compiled the known parties related to the interests of the LIBRA issuance and their statements based on public information, attempting to piece together the entire process of this LIBRA farce.

Related reading: 'Argentine President 'issuing coins' calls for orders but does not recognize them, the team makes hundreds of millions of dollars in 4 hours'

Currently, there are several parties surrounding LIBRA, including President Milei, project party KIP Protocol, market maker Kelsier Ventures and its founder Hayden Davis, well-informed individuals close to the Argentine government, and multiple project parties including Jupiter.

Team staged internal strife, multiple parties self-exposed

In the early hours of February 16th, KIP Protocol posted on X, stating that the release and liquidity of LIBRA tokens are completely managed by Kelsier Ventures and the project's initiator, Hayden Davis. No related wallet belongs to KIP or co-founder Julian. KIP is only invited to manage and supervise the selection of technically funded projects after release. The reason for KIP's public acknowledgment of its role in the project is because the project information has been listed on the official website and the potential of the plan has been recognized.

At 8 a.m. on February 16, Hayden Davis released a three-minute clarification video and related announcements, in which he mainly conveyed the following information:

1. Hayden Davis confirmed that he is the advisor to the President of Argentina, Javier Milei;

2. All funds recovered—all expenses, profits, liquidity, and any recoverable portions—will be injected into the Libra trading pair within the next 24 to 48 hours.

3. Photon, Bullex, Meteora, Jupiter, Moonshot and other projects were exposed to profit on LIBRA;

Below the video, there is also an accompanying document announcement, which includes the main information:

1. Hayden Davis is responsible for ensuring the liquidity of LIBRA while still controlling all related expenses and fund reserves;

2. Javier Milei's team once promised to continue supporting during the LIBRA issuance period, but Milei deleted the tweet without informing the team in advance;

3. The founder of KIP Network and the main sponsor of Libra Token, Julian Peh, has no improper behavior. Davis speculated that the Milei team tried to shift the blame to Julian in order to evade their own responsibilities;

One hour later, the official account of the Argentine President's Office released a statement explaining the background information of the LIBRA project, stating that on October 19, 2024, Argentine President Javier Milei met with representatives of KIP Protocol in Argentina. At this meeting, KIP introduced its plan to develop a project called 'Viva la Libertad,' aimed at providing financing support for private enterprises in Argentina using blockchain technology.

On January 30, 2025, the president met with Hayden Mark Davis at the presidential palace. According to KIP Protocol representatives, Mr. Davis will provide technical infrastructure for the project. Hayden Davis is said to have no relationship with the Argentine government, and is only introduced as one of the project's partners by KIP Protocol representatives.

The above is the response of the main players in the LIBRA project on the surface, in the process, Solayer developer Chaofan Shou, who suffered losses, first questioned whether Kelsier Ventures outsourced the token issuance to an Indian company by claiming that the market maker/creator of the LIBRA token was directly linked to Arunkumar Sugadevan and another Indian serial pool withdrawal scammer. TRACKING THE FLOW OF FUNDS THROUGH TIME SERIES ANALYSIS, IT IS FOUND THAT THE CREATOR OF THE LIBRA TOKEN IS AN INSIDER OF BOTH MELANIA AND ENRON TOKENS, AND IS AN OG. The developer of the FUN project and has laundered more than $15 million in funding.

Later, the post was deleted, stating that Arunkumar Sugadevan had nothing to do with LIBRA, just shared the same market maker. But he made an infographic to integrate the relevant content he investigated, claiming that the LIBRA-related issuance market team manipulated multiple meme coins.

Jupiter, Meteora and other deeply mired in public opinion crisis

In Hayden Davis' video, the most explosive content is his statement that projects such as Photon, Bullex, Meteora, Jupiter, Moonshot, etc., have all participated in the issuance of LIBRA and made considerable profits.

Photon and Bullex are popular meme trading platforms in the English-speaking community, while Meteora, Jupiter, and Moonshot are the one-stop service providers of Solana meme coins that have become popular since TRUMP. This time, many investors who rushed to LIBRA took heavy positions because they could search for contract information on Moonshot.

In the comments section of the tweet about the meeting between President Milei and Hayden Davis on January 31st, Meteora's founder commented that 'changing the face of the world,' which was considered by the community as evidence that Meteora had also participated in the internal planning of LIBRA. Therefore, even before Hayden Davis released the video, Meteora's founder Ben had issued a clarification statement, stating that the LIBRA team had used the permissionless platform Meteora, but Meteora had never controlled any tokens or had any direct contact with Milei.

Jupiter and his team members have also issued clarifications, saying that several members of Jupiter's team learned directly from Kelsier Ventures about two weeks ago that there could be a token project linked to the Argentine president at some point in the future. "None of the members of the Jupiter team have received LIBRA tokens or any related remuneration. Meow, the founder of Jupiter, does not know the address of the contract or the specific release time, and has not been involved in any related operations. The other person was in Tokyo at the time and was sleeping at the time of the token issuance.

In Jupiter's statement, it stated that Ben, the founder of Meteora, learned about the contract address a few minutes before the token issuance for verification, but did not share it with the Jupiter team until the information was made public.

After Davis's video fermentation, several project parties he mentioned have issued clarifications. Almost all statements indicate that more detailed information will be provided to the community in the future, including Hayden Davis also stating that he will continue to release videos to disclose the information behind the scenes. With the token price at stake, after two days of fermentation, LIBRA still only has a market value of 3 billion dollars.


Informant Reveals: Manipulated President

And the most explosive LIBRA-related news, in the early hours of February 16th, community developer @DiogenesCasares published an article titled 'Bribery, Insiders, and Manipulated Presidents | The Truth About the $LIBRA Incident', claiming to be an insider of the LIBRA issuance plan, stating that he had started receiving messages a week ago, saying that there were rumors circulating in the market about the upcoming launch of meme coins related to Milei. And it originated from traders and industry insiders with reliable sources of information.

In the article, he wrote that he contacted several key figures in the Argentine crypto community, mainly executives of large crypto exchanges and platforms. They all said they had never heard of this project. One of them mentioned that an idea led by American investors had been proposed, including some people, including JUP CEO, wanting to create a token called $afuera, but this plan did not materialize.

Later, he learned that a confidant of Milei had accepted a $5 million bribe to push this token project in front of the president. This does not mean that Milei himself accepted a bribe, but rather that his confidant received funding to promote Milei to endorse the token.

The author claims that the behind-the-scenes team of this project is highly similar to the token launched by Melania, the wife of former President Trump. On-chain evidence indicates that many early wallets that bought $LIBRA are associated with the Melania token. It is also stated that the Meteora team is linked to the Melania token and plays an important role in the LIBRA project, or at least has some understanding of the token's plan.

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Moreover, many key figures in the cryptocurrency industry and the Solana ecosystem have long been privy to the internal information of LIBRA and obtained token addresses ahead of most ordinary buyers (who typically rely solely on publicly available on-chain data). In addition, another 20 million US dollars were transferred among multiple wallets, which initially received LIBRA from developers and quickly sold them for profit.

The author speculates that a group of foreign VCs, traders, intermediaries, and KOLs from the crypto community are trying to promote this token to the Argentine government, and the Milei government has become their target due to its open attitude towards new ideas, giving a sense of absurdity similar to "King Chu has a slim waist".

In the additional information, the author also emphasized that Milei himself did not directly participate, and the person involved is more likely to be a member of his government team.

In light of this information, President Milei called on the Anti-Corruption Office of Argentina to investigate whether there have been any improper conduct by government members, including the President himself. At the same time, a Special Investigation Unit (UTI) will be established, consisting of members from regulatory agencies in the field of crypto assets, financial activities, money laundering, etc. This team will consolidate information and urgently investigate the issuance of the cryptocurrency LIBRA and all entities and individuals involved. All evidence obtained from the investigation will be handed over to the judicial authorities to determine whether the companies or individuals related to the KIP Protocol project have committed any crimes.

The conspiracy group's defeat?

Developer Farokh (@farokh) expressed his hope that Hayden Davis, the head of the LIBRA project, would expose the list of KOLs who received marketing remuneration for the LIBRA token, and called on the crypto media and those who can afford to investigate the matter.

Earlier, Dave Portnoy stated in Space that he got 6 million LIBRA tokens for marketing, and he knew in advance the issuance contract of the tokens, and bought in early through a small wallet, and the KIP team had discussed with him how to help him issue his own tokens.

Cryptocurrency KOL Beanie (@beaniemaxi) mockingly suggests that when Dave Portnoy starts playing the role of a righteous whistleblower KOL, you can imagine how deep this matter really is, and how dirty it is in the 'trenches'. (Author's note: Dave Portnoy once launched a parody meme coin JAILSTOOL. Previously, CZ also retweeted Dave Portnoy's tweets, 'To all meme coin players who are crying now: we all understand the rules of the game, everyone is here to make money, no one is deceiving anyone. If you are trading junk coins, you should be prepared to lose all your investment. This is the risk.')

Beanie said in a survey surrounding Kelsier Ventures that meme coin KOL champ is a partner in the Kelsier Ventures team! [LIBRA FARCE REVIEW: BEHIND THE ARGENTINE CURRENCY CUT 100 MILLION, WHAT ELSE IS THE INSIDE STORY?] ](https://img.gateio.im/social/moments-ae76cfa97eeeb6cef018d88682120292)

And crypto KOL NDF is both a member of the Kelsier Ventures team and a member of the Fantom Troupe, which explains how LIBRA's advance news flowed into the inner coteria. The equivalent of an M&A (M&A) investment banker on Wall Street while working part-time as a day trader in the same firm has a clear conflict of interest.

! [LIBRA FARCE REVIEW: BEHIND THE ARGENTINE CURRENCY CUT 100 MILLION, WHAT ELSE IS THE INSIDE STORY?] ](https://img.gateio.im/social/moments-8c122552ac3d0c3a2af65295b9b6e7d2)

Beanie called Kelsier Ventures a family-style criminal group. In addition to CEO Hayden Davis, his father Tom Davis serves as chairman, and his brother Gideon Davis serves as COO. Currently, Gideon has cleared the X profile and deactivated Instagram.