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Hayden Davis, the key figure behind the failed cryptocurrency project LIBRA, has denied allegations of a “rug pull” and instead attributed the token’s catastrophic crash to a “plan gone wrong”.
In an exclusive interview with YouTuber and crypto sleuth Coffeezilla, Davis admitted to being part of the team that launched the MELANIA meme coin, but maintained that no profits were made from this venture. “We definitely weren’t the big sniper,” he said. “We didn’t make any. There was no money made from the Melania team on any. We didn’t take any liquidity out. Zero.”
The LIBRA token, which was launched just a few days ago, lost over 90% of its value within 24 hours amidst allegations of insider trading and market manipulation. Investigations revealed a complex network of manipulations involving KIP Protocol, Davis’ own Kelsier Ventures, and other influential figures.
Davis acknowledged that the team did engage in sniping during the LIBRA token launch to control market manipulation by other potential snipers. The plan was to accumulate enough liquidity to control any negative market reactions, he explained. However, complications arose when key marketing support was withdrawn, leading to a downward spiral in the project’s value.
The LIBRA token team had also faced intense scrutiny over its connection to President Milei of Argentina, who unveiled the token with 82% of its supply unlocked across connected wallets. Investigations have since revealed that Milei is facing criminal fraud charges for his role in promoting the project.
In a stunning turn of events, Davis expressed his desire for instructions on what to do with the remaining liquidity, which he emphasized was not profited from during the MELANIA meme coin launch. He pleaded not to be labeled as “public enemy number one”.
The LIBRA token’s catastrophic failure has raised serious concerns about market manipulation and potential fraud in the cryptocurrency space. The ongoing investigation into these allegations is expected to continue for several more weeks.
This article was first published on Crypto Briefing.
Source: cryptobriefing.com
