LIBRA Project Advisor Admits for the First Time That LIBRA Is a Speculative Meme Token

BlockBeats News, July 26 — According to Argentine media outlet Clarín, LIBRA project advisor Hayden Davis recently submitted documents to a U.S. court, admitting for the first time that LIBRA is a meme token and denying that it is an investment project with a business plan. This contradicts President Javier Milei’s previous claim that it would “boost Argentina’s economy.”

Davis’s defense attorney acknowledged that meme tokens “are not investments, have no intrinsic value, and are unsecured, uncollateralized affinity and collectible items with extremely high market volatility.” Meanwhile, another financial transaction has come to light. On January 30 of this year, during a meeting with President Milei at the presidential palace, a wallet associated with Davis transferred nearly $500,000 USDC to a centralized exchange, suspected to be related to project fund flows. Records also show that the purpose of the January 30 meeting at the presidential palace was to “analyze blockchain and decentralized technologies.”

The case involves approximately $280 million in frozen assets, and a hearing will be held in a New York court on August 19 to determine whether Hayden Davis and his partners are suspected of manipulating LIBRA for profit. Previously, on January 30 of this year, during Davis’s meeting with Javier Milei at the presidential palace, a wallet associated with Davis transferred nearly 500,000 USDC to an exchange, suspected to be related to project fund flows.