GuShiio.com There is a sense of absurdity that “the king of Chu has a slender waist”.
Author: Shushu
Remember Solayer developer Chaofan Shou said that he and Solayer engineers lost more than $2 million on LIBRA? There is also the saying,”Let’s see what two hackers and a free weekend can bring us.”
The weekend has just ended, and the LIBRA project has indeed been exposed. BlockBeats compiled the currently known stakeholders and their speeches in connection with LIBRA’s release based on public information, trying to piece together the entire process of the LIBRA farce.
Currently, there are several parties surrounding LIBRA: President Milei, project party KIP Protocol, market maker Kelsier Ventures and its founder Hayden Davis, people close to the Argentine government, and multiple project parties including Jupiter.
The team staged an infighting drama, and many parties exposed themselves
In the early morning of February 16, KIP Protocol issued a document on X stating that the release and market-making of LIBRA tokens were entirely the responsibility of Kelsier Ventures and the project sponsor Hayden Davis, and that no relevant wallets belonged to KIP or Julian. KIP is only invited to manage and oversee the selection of funding technology projects after release. KIP publicly acknowledged its role in the project because project information was listed on the official website and recognized the potential of the program.
At 8 a.m. on February 16, Hayden Davis released a three-minute clarification video and related announcements. The main messages he conveyed in the video were the following:
1. Hayden Davis confirmed that he was an adviser to Argentine President Javier Milei;
2. All funds you try to recover, including all fees, income, liquidity and other recoverable parts, will be injected into the Libra trading pair within the next 24 to 48 hours;
3. Exposed that projects such as Photon, Bullex, Meteora, Jupiter, and Moonshot made profits on LIBRA;
There is also a document announcement attached below the video. The main information includes:
1. Hayden Davis’s responsibility is to ensure LIBRA’s liquidity while still controlling all related expenses and capital reserves;
2. Javier Milei’s team had assured Hayden Davis that they would continue to support LIBRA during the release, but Milei deleted the tweet without informing the team in advance;
3. Julian Peh, founder of KIP Network and main sponsor of Libra Token, did not commit any inappropriate behavior. Davis speculated that the Milei team was trying to shift the blame to Julian to evade its own responsibility;
An hour later, the official Argentine President’s Office account issued an announcement explaining the background information of the LIBRA project, stating that on October 19, 2024, Argentine President Javier Milei had met with representatives of the KIP Protocol in Argentina. At the meeting, KIP introduced to the president its plans to develop a project called “Viva la Libertad” that aims to use blockchain technology to provide financing support to private companies in Argentina.
On January 30, 2025, the President met with Hayden Mark Davis at the Presidential Palace. According to a KIP Protocol representative, Mr. Davis will provide technical infrastructure for the project. Hayden Davis was said to have no relationship with the Argentine government and was only introduced by a KIP Protocol representative as one of the partners in the project.
The above is the apparent response of the major participants in the LIBRA project. During this process, Solayer developer Chaofan Shou, who suffered losses, first claimed that the market maker/creator of the LIBRA token was directly associated with Arunkumar Sugadevan and another Indian serial pool withdrawal scammer, questioning whether Kelsier Ventures outsourced token issuance to Indian companies. Tracking the flow of funds through time series analysis, it was found that the creator of the LIBRA token was an insider of both MELANIA and ENRON tokens, and was the developer of the OG.FUN project, and had laundered more than US$15 million in funds.
Later, the statement was deleted saying that Arunkumar Sugadevan had nothing to do with LIBRA, but only shared the same market maker. But he created an infographic that integrated the relevant content of his investigation, claiming that the LIBRA-related issuance market-making team manipulated multiple meme coins.
Jupiter, Meteora, etc. are in deep crisis of public opinion
In Hayden Davis’s video, the most exciting content is its statement that projects such as Photon, Bullex, Meteora, Jupiter, Moonshot and other projects have participated in the release of LIBRA and made a lot of profits.
Photon and Bullex are popular meme trading platforms in the English community, while Meteora, Jupiter and Moonshot are one-stop service providers of Solana meme coins that have become popular after TRUMP coins. This time, many investors who rushed for LIBRA took heavy positions because they could find contract information on Moonshot.
In the comment section of President Milei’s meeting with Hayden Davis on January 31, the founder of Meteora commented that “changed the face of the world,” which was used by the community as evidence that Meteora had also participated in LIBRA’s internal planning. Therefore, Meteora founder Ben issued a clarification statement even before Hayden Davis released the video, saying that the LIBRA team used Meteora, an unlicensed platform, but Meteora never controlled any tokens and did not have any direct contact with Milei.
Jupiter and his team members also issued clarifications, saying that several members of Jupiter’s team learned directly from Kelsier Ventures about two weeks ago that there might be a token project related to the Argentine president at some point in the future. “No member of Jupiter’s team has received LIBRA tokens or any related remuneration. Jupiter founder Meow did not know the contract address or specific release time, nor was he involved in any related operations. He was in Tokyo at the time and was sleeping when the token was issued.
In Jupiter’s statement, it said Meteora’s founder Ben learned of the contract address minutes before the token was issued for verification, but did not share the information with the Jupiter team until it was made public.
After Davis ‘video fermented, multiple project parties he mentioned issued clarification statements. Almost all statements stated that more detailed information would be provided to the community in the future, including Hayden Davis who also said that he would continue to release videos to disclose the information behind it. But with the token price here, after two days of fermentation, LIBRA still only has a market value of US$300 million.
Insider reveals: The manipulated president
As for the most exciting LIBRA related, in the early morning of February 16, community developer @DiogenesCasares published an article titled “Bribery, Insiders and the Manipulated President| The truth about the $LIBRA Incident “article, claiming that he is an insider of LIBRA’s coin issuance plan, said that he had received news a week ago that there were rumors in the market that Milei-related meme coins would be launched soon. And it comes from traders and industry insiders who have reliable sources of information.
In the article, he wrote that he had contacted several core members of the Argentine crypto community, mainly executives of large crypto exchanges and platforms. They all said they had not heard of the project. One of them mentioned that an idea led by American investors had been proposed. Some people, including the CEO of JUP, wanted to create a token called $afuera, but the plan did not materialize.
He later learned that a close friend of Milei had accepted a $5 million bribe to push the token project to the president. This does not mean that Milei himself accepted bribes, but that his cronies collected funds to promote Milei as a platform for the token.
The author claims that the team behind the project is highly similar to previous tokens launched by Trump’s wife Melania, and chain evidence suggests that many of the wallets that purchased $LIBRA early were associated with Melania tokens. It also stated that the Meteora team was involved in the Melania token and played an important role in the LIBRA project, or at least had some understanding of the token’s plans.
Moreover, many key people in the crypto industry and Solana ecosystem have long had inside information about LIBRA and obtained token addresses in advance of most ordinary snappers, who often rely solely on public data on the chain. In addition, another $20 million was diverted by multiple wallets that first received LIBRA from developers and then quickly sold it for a profit.
The author speculated that a group of foreign VCs, traders, intermediaries and KOL from the crypto industry tried to sell the token to the Argentine government, and the Milei government became their target because it was open to new ideas, which was quite a “Chu King has a slender waist.” The absurd feeling.
In the supplementary information, the author also emphasized that Milei himself was not directly involved, and that the person involved was more likely to be a member of his government team.
Reflecting this message, President Milei asked Argentina’s Anti-Corruption Office in his statement to intervene and investigate whether members of the government, including the president himself, had acted improperly. At the same time, a Special Investigation Team (UTI) was established with members from regulatory agencies in related fields such as crypto assets, financial activities, and money laundering. The team will consolidate information and urgently investigate the issuance of cryptocurrency LIBRA and all companies and individuals involved in the case. All evidence obtained from the investigation will be transferred to judicial authorities to determine whether the companies or individuals related to the KIP Protocol project have committed a crime.
The collapse of the meme cabal?
Some people in the community are reflecting on why they lost money, and others are actively defending their rights. Developer Farokh (@farokh) expressed the hope that Hayden Davis, the leader of the LIBRA project, will expose the list of KOL who have received compensation for LIBRA token marketing, and also called on encrypted media and capable people to investigate this matter together.
Previously, Dave Portnoy stated in Space that he had obtained 6 million LIBRA tokens for marketing, and that he knew the issuance contract of the tokens in advance and bought them in advance through a small wallet. The KIP team had discussed with him how to help him issue his own tokens.
Crypto KOL Beanie (@beaniemaxi) joked that when Dave Portnoy started playing the role of the righteous whistleblower KOL, you could imagine how deep the matter was and how dirty the “trenches” were. (Author’s note: Dave Portnoy once launched the spoof memecoin JAILSTOOL. Previously, CZ also forwarded Dave Portnoy’s tweet,”To all the crying memecoin players: We all know the rules of the game, everyone is here to make money, and no one deceives anyone.” If you are buying and selling junk coins, you should be prepared to lose all your investment. That’s the risk.”)
In a survey surrounding Kelsier Ventures, Beanie stated that meme KOL champ is a partner in Kelsier Ventures ‘team.
Crypto KOL NDF is both a team member of Kelsier Ventures and a member of Fantom Troupe, which explains how advance news from LIBRA flows into the inner circle. The equivalent of a M & A investment banker on Wall Street and working part-time as a day trader in the same company, which is an obvious conflict of interest.
Beanie described Kelsier Ventures as a family-run criminal group. In addition to CEO Hayden Davis, his father Tom Davis serves as chairman and his brother Gideon Davis serves as COO. Currently, Gideon has cleared X’s profile and logged out of Instagram.
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