Key Notes
- Hayden Davis admitted that LIBRA was more of a memecoin than a serious business project during the fraud trial.
- $499,000 transferred from Davis’s wallet during a meeting with Argentine President Milei sparks suspicion.
- Large crypto transfers before and after the LIBRA launch raise questions about the token’s true purpose.
Hayden Davis, the personality behind the controversial LIBRA memecoin scandal, has made a surprising statement in court. During a session in a New York court, he admitted that the token was not designed for any serious business use. Instead, he described it as more of a memecoin. This is a type of cryptocurrency often made as a joke or for hype, rather than for long-term use or real-world value.
$500,000 Sent During Casa Rosada Meeting Raises Questions
According to local reports, the trial, taking place in the Southern District of New York, has drawn attention from both U.S. and Argentine authorities. The LIBRA token was launched on February 14, 2025. It quickly drew attention after receiving public support from Argentina’s President, Javier Milei.
Interestingly, the memecoin’s value rose sharply soon after launch. However, a few hours later, it crashed. Many investors lost significant amounts of money. Following the incident, CoinSpeaker reported that the president was faced with impeachment calls over his role in endorsing the failed cryptocurrency.
In a recent update, new details shared in court show something unusual. Notably, on January 30, 2025, Hayden Davis had a meeting with President Milei and Mauricio Novelli, a trader. The meeting took place at Casa Rosada, the official residence of the Argentine government.
At the exact time the meeting started, 2:00 PM, a wallet linked to Davis sent $499,000 in USDC to the Kraken Exchange. This wallet, referred to by investigators as “yUBW,” is also tied to Davis’s earlier project, a memecoin named $MELANIA.
According to the update, the fact that this large sum was moved during the meeting has raised new concerns. The court is invested in understanding the true purpose of Davis’s visit to Casa Rosada and the nature of his relationship with President Javier Milei.
Later that same day, Milei shared a photo on social media with Davis, discussing their conversation about new technology. Just 42 minutes after that post, another $507,000 was moved through a different wallet connected to Davis.
⚖️ $LIBRA founder calls it a meme coin
Hayden Davis, creator of the LIBRA project, has filed court documents in the U.S. officially declaring LIBRA a meme coin – denying it has a business plan or investment structure. This directly contradicts Argentina’s President Javier Milei,…
— TomiEyro ⛋⚛️ (@tomieyro) July 26, 2025
Pattern of Crypto Movements Before and After LIBRA Token Launch
According to the update, the court also examined other wallet activities associated with Davis. On February 3, the yUBW wallet sent almost $2 million through a chain of wallets and into Bitget, another exchange.
Each large transfer was first tested with a small amount. This method is often used to verify that a wallet is functioning correctly before transferring larger funds.
In addition, a day before LIBRA memecoin was launched, Davis moved $1.275 million to another exchange, Gate.io, which he did not often use. That transfer also began with a $100 test.
In Argentina, the financial movements of Mauricio Novelli are also under review. Days after meeting with Davis, Novelli opened a safe deposit box at Banco Galicia. His family later emptied it right after the LIBRA crash.
With more questions than answers, the LIBRA case is still unfolding. Investigations are ongoing in both countries, and additional court hearings are expected in the coming weeks. While the investigation into the event’s details continues, it is worth noting that the politician-backed meme coin LIBRA once surged to a $4.5 billion valuation. Notably, after that, it crashed by 95%.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
