Cryptocurrency entrepreneur Hayden Davis made a significant admission regarding the LIBRA token, which may greatly affect the ongoing legal proceedings.
Admission in Court
According to the Argentinian press Clarín, Hayden Davis confessed that the LIBRA token was merely a memecoin and not an investment instrument. This admission was made in documents filed with the Federal Court for the Southern District of New York, interpreted as a strategic shift ahead of a hearing scheduled for August 19 that will determine the fate of $280 million in frozen assets.
Transfers and Presidential Support
Another key detail of the case emerged during a meeting with Argentine President Javier Milei at Casa Rosada on January 30, where it was established that approximately $500,000 in USDC was transferred from wallets associated with Davis to the Kraken exchange. The LIBRA token came into the spotlight after its sudden price surge and crash during its launch, leading to significant losses for investors.
Hayden Davis's Countermeasures
Last week, Hayden Davis filed a 30-page defense document, arguing that Omar Hurlock's allegations were baseless and that he had not presented any concrete evidence of harm. Davis's lawyers stated that the plaintiff cannot even prove he is a direct victim, attempting to file a class-action lawsuit without demonstrating his own damages.
Hayden Davis's admission regarding the status of the LIBRA token and the recent legal proceedings highlight the importance of transparency in the cryptocurrency industry and the implications for investors.
