New revelations about the LIBRA token raise questions about its true nature. Hayden Davis, the creator of the token, now asserts that it was merely a memecoin, not a serious investment project.
Davis Calls LIBRA a Memecoin
In a recent court filing with a U.S. federal court in New York, Davis stated that the token was never intended as a real investment. He noted that LIBRA lacked a business plan, roadmap, or clear goals. Instead, Davis described it as a memecoin—a type of token known for being unpredictable, risky, and largely driven by social media hype.
No Real Strategy Behind the Token
Davis's team also emphasized in court that memecoins are not real investments and have no fixed value. This new statement is part of Davis's strategy to defend himself against a lawsuit from investor Omar Hurlock, who claims he lost money in the LIBRA project. However, Davis argues that Hurlock cannot prove he even purchased the token, asserting that Hurlock's lawyer is merely pursuing failed crypto projects for profit.
Suspicious Money Transfers and Court Hearing
Meanwhile, during this legal battle, suspicious money transfers have been noted. On January 30, when Davis met with President Milei, one of his wallets transferred $499,000 in crypto to the Kraken exchange. Just 42 minutes after their meeting photo was posted, another wallet sent $507,000 via Bitget. These wallets are also linked to another token Davis launched, MELANIA, named after U.S. First Lady Melania Trump.
The court hearing set for August 19 may uncover more about the LIBRA token, the money trails, and its links to high-ranking political figures. For now, $280 million in crypto remains frozen.
