Hayden Davis, the key figure in the $LIBRA token case, stated in court that this cryptocurrency is not an investment but merely a memecoin.
Hayden's Claims about the $LIBRA Token
During proceedings in a US federal court, Hayden Davis admitted that no documents, plans, or real tokenomics were presented for the $LIBRA token. He argued that there was no business structure to justify labeling LIBRA as anything more than a collectible token with no real value.
"Defendants provided no plans, details, or infrastructure to potential purchasers of the memecoin, nor did they provide detailed disclosures or tokenomic distribution information," the filing noted.
Legal Implications and Accusations
Davis and others are accused of orchestrating a multi-million dollar scam related to the launch of $LIBRA. The lawsuit was filed by Omar Hurlock, a private investor claiming to be harmed by the token's launch. Judge Jennifer L. Rochon denied a request to mandate Davis and his co-defendant, Benjamin Chow, to provide direct answers regarding the token's creation.
In response, Hayden submitted documents alleging that Hurlock failed to demonstrate he was a direct victim, and requested the case be moved to Argentina or Texas, which they argued are more appropriate jurisdictions.
Transfers and Links to Other Projects
While Davis met with President Javier Milei, one of his wallets transferred $499,000 in USDC to a centralized crypto exchange. This wallet, identified as yUBW, has already been linked to the $MELANIA token, initiated earlier this year. The transfer coincided with a meeting discussing blockchain technologies and decentralized solutions.
The situation surrounding the $LIBRA token continues to evolve, with further hearings expected to clarify the fate of frozen assets and Hayden Davis's role in this scandal.
