Bitcoin"People That Get Mad Aren’t Insiders": Coffeezilla Reveals Libra...

“People That Get Mad Aren’t Insiders”: Coffeezilla Reveals Libra Token Scandal

-


In an exclusive interview with investigative YouTuber Coffeezilla, Hayden Davis, a key figure behind Argentina’s Libra token, broke his silence on the controversy surrounding the project.

the LIBRA interview

Background

The Libra token, promoted by Argentine President Javier Milei, was initially positioned as a private initiative aimed at supporting Argentina’s economy. The project quickly gained traction, reaching a staggering $4.5 billion market cap before plummeting in value. (Read our earlier article: Argentina President Milei Distances Himself from LIBRA Memecoin After 90% Crash)

  • Following the crash, suspicions arose regarding the disappearance of $100 million, with Davis confirming that he currently holds the funds but does not know how to proceed with them.

Milei, who heavily endorsed the token, later deleted his promotional posts and attempted to distance himself from the project.

Key Revelations from the Interview

Insiders and Market Manipulation

According to Davis, Libra’s launch was plagued by sniper bots and insider traders, who scooped up large amounts of tokens before retail investors had a chance to buy.

  • These snipers reportedly secured positions worth millions, creating artificial price surges before dumping the tokens, crashing the market.

To counteract this, Davis admitted that the team withdrew liquidity from the market, a move that critics say amounts to a rug pull.

  • He justified this action as a way to “protect the floor price” and maintain stability ahead of planned marketing efforts.

Milei’s Involvement

Advertisement

PDAX Banner

One of the most controversial aspects of the interview was Davis’ claim that President Milei had planned additional promotional videos for Libra before abruptly pulling his support.

  • Davis speculated that Milei faced “extreme political pressure” and panicked, leading to the collapse of the token and widespread financial losses for investors.

The Missing $100M

One of the critical issues is the fate of $100 million in funds, which Davis claims he still controls but has no clear plan for. He outlined three potential options:

  • Refunding investors based on transaction history.
  • Reinjecting the funds into the Libra market.
  • Donating the funds to an Argentine non-profit.

Davis admitted that his life is in danger, with threats from both investors and criminal organizations.

  • He expressed frustration that neither the Argentine government nor other key figures have provided guidance on how to handle the situation.

Insider Benefits and Crypto’s “Rigged” Game

Coffeezilla challenged Davis on the ethics of insider trading, pointing out that early investors, including media personality Dave Portnoy, were aware of the launch beforehand.

  • Portnoy reportedly invested $5 million into the token and was later refunded after losses, sparking further allegations of preferential treatment.

Davis defended the practice, stating that insiders always benefit in meme coin launches and that this has become an accepted part of the crypto landscape. “It’s a game,” he admitted, comparing it to an unregulated casino where retail investors are at a major disadvantage:

“Every KOL… That’s how they make their money. They know about the deal. They agree to the deal, and they make money on the deal. And the people that get mad are people that aren’t insiders.”

Other revelations:

  • Davis said people involved in $Melania are also involved in the $Libra token launch.
  • He also said the Trump token was offered to those who were at the crypto ball (before Trump’s inauguration) last month.

What Happens Next?

Regulatory bodies in Argentina are investigating the case, while legal action against Milei and Davis is mounting.

This article is published on BitPinas: Insider Trading Scandal: Coffeezilla Uncovers Libra Token Manipulation





Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest news

Four.Meme Suffers Another Security Breach, $130K Stolen in Latest Attack

The BNB Chain-based meme coin launch platform Four.Meme was attacked once again. PeckShield has reported a fresh attack that...

Michael Saylor will pay 18% dividends to buy bitcoin if he has to

Michael Saylor has invented yet another way to raise capital to buy BTC for Strategy: STRF preferreds with...

FTC removes posts critical of big tech from its website

The FTC has removed over 300 blog posts published during the agency’s leadership under former chair Lina Khan,...

Advertisement

Is the US DoD about to start mining bitcoin? Crypto X thinks so

A rumor about the US Department of Defense (DoD) mining bitcoin is earnings hundreds of thousands of social...

Must read

Four.Meme Suffers Another Security Breach, $130K Stolen in Latest Attack

The BNB Chain-based meme coin launch platform Four.Meme...

Michael Saylor will pay 18% dividends to buy bitcoin if he has to

Michael Saylor has invented yet another way to...

You might also likeRELATED
Recommended to you