Days after a row occurred over Argentina President Javier Milei launching Libra crypto token and later retrieving his support that led to a classic crypto “rug pull” scam of over $100 million, a little known CEO of a Web3 market analysis firm has emerged at the center of this controversy.
Hayden Davis, the CEO of Kelsier Ventures, stands as a centrifugal figure in the LIBRA memecoin scandal after President Javier Milei of Argentina briefly promoted the token and later retrieved his support, that led to the token creators pulling liquidity down by a whooping $107 million. The incident has led to a major scandal in Argentina with opposition asking for the impeachment of President Milei over allegations of insider trading.
Many on the internet have accused Davis and his father Tom Davis, also part of Kelsier Ventures, of creating the LIBRA token project and later pulling down the liquidity by $107 Million in a classic rug-pull crypto coin scheme. The father-son duo face accusations for launching LIBRA which reached $4.5 billion market value before experiencing a 90% price decline.
Further more, Jupiter exchange also released a statement confirming that their team was aware of Argentina President Javier set to promote a crypto token and Hayden of Kelsier Ventures was aware of it.
“A few members of the Jupiter team knew that there would be, at some point, a token project associated with Argentine president Javier Milei. We learned of this ~2 weeks ago directly from Kelsier Ventures. While we were initially unsure, we then saw credible evidence in the form of public tweets from Milei’s personal account that was serious. That was the full extend of our knowledge,” said Jupiter in a statement.
The LIBRA token price had exploded after President Milei shared information about the token on X (formerly Twitter) on February 14. The price of the token dropped sharply after Milei removed his tweet which led many to believe he had participated in a pump-and-dump operation.
The scandal has triggered numerous legal complaints against Davis and the other participants who allegedly took part in the scheme. The legal complaint filed by Argentine attorneys Marcos Zelaya and Jonatan Baldiviezo accuses Milei of fraudulent behavior in cahoots with Davis because of his token promotion activities.
Additionally, lawyer Agustín Rombolá has filed a distinct complaint against Davis and his group members for their financial misconduct and price manipulation and fraud activities. Rombolá’s firm plans to initiate a class-action lawsuit that will assist investors in retrieving their lost funds.
President Milei demanded an official investigation to examine the incident while he requested analysis of his own involvement in the controversy. The office of President Milei has declared that he was unaware of Davis or the LIBRA project until he took office.
The crypto ventures operated by Kelsier Ventures under Davis’s leadership have been associated with multiple business ventures that have raised suspicions regarding his previous business activities and questionable projects. The LIBRA token’s website received its domain registration at the precise moment of launch while its ownership structure remains unclear which leads to suspicions about fraudulent activities.
Opposition leader Leandro Santoro has seized on the scandal, pushing for President Milei’s impeachment. With a court hearing scheduled for Feb. 17, the case’s outcome will not only impact the individuals involved but could also reshape Argentina’s crypto market regulations.
As investigations unfold, Hayden Mark Davis’s role in the LIBRA token collapse remains a focal point, with many questioning whether this was a reckless marketing stunt or a deliberate financial fraud.
Also Read: Argentina Opposition Threatens to remove President After Libra token scam
