Within the newest growth for the continuing LIBRA coin authorized saga, Argentinian newspaper La Nacion experiences that Hayden Mark Davis, CEO of Kelsier Ventures, submitted a voluntary assertion final Monday to a federal court docket in New York. The case facilities on a category motion lawsuit introduced by U.S. traders who suffered losses following the speedy rise and subsequent collapse of the controversial LIBRA token.
Davis strongly denied any allegations of fraud, insider buying and selling, or different misconduct. As a substitute, he attributed the token’s sudden worth drop to Argentine President Javier Milei’s resolution to delete a social media publish endorsing LIBRA. In keeping with Davis, Milei’s tweet initially boosted curiosity and funding within the undertaking, however its subsequent elimination fueled rumors and accusations that LIBRA was a rip-off, claims that Davis insists are false.
The entrepreneur described LIBRA as a undertaking meant to help small companies and academic initiatives in Argentina, not as a pump-and-dump scheme to defraud traders. He emphasised that he was unaware of any “snipers” (people who allegedly profited by buying massive quantities of the token simply earlier than its launch) and denied any private involvement in such actions.
Davis additionally sought to problem the jurisdiction of New York federal courts, arguing that he has no residence or enterprise actions in New York and that the undertaking was conceived and executed in Argentina. He instructed that any authorized proceedings ought to happen in Argentine courts.
Of specific word in Davis’s assertion was his proposal to return roughly $100 million in investor funds, which he reportedly moved between February 14 and 15, 2025. Nevertheless, this plan was blocked by a U.S. court docket order freezing over $55 million in crypto property.
The case continues to unfold, with ongoing investigations in each the US and Argentina. The Argentine Congress has just lately convened a particular fee to look at the matter, and consultants have raised questions concerning the circumstances underneath which President Milei accessed details about the token, casting doubt on among the official statements made on the outset of the controversy.
As authorized and political scrutiny intensifies, the LIBRA case highlights the complexities and dangers related to meme cash and the affect of public figures within the digital asset market.
