After LIBRA harvested $100 million, what dark stories did the community dig out?

Author: shu

Remember Solayer developer Chaofan Shou said that he and Solayer engineers lost more than $2 million on LIBRA? There is also the sentence "Let's see what two hackers and a free weekend can bring us."

The weekend just ended, and the LIBRA project was indeed exposed. BlockBeats compiled the currently known stakeholders and their speeches based on public information, trying to piece together the entire process of the farce of LIBRA.

Currently, there are the following parties around LIBRA, namely President Milei, project leader KIP Protocol, market maker Kelsier Ventures and its founder Hayden Davis, people familiar with the Argentine government, and multiple project parties including Jupiter.

The team staged an internal strife, and many parties revealed themselves

In the early morning of February 16, KIP Protocol posted on X that the release and market making of LIBRA tokens are entirely responsible for Kelsier Ventures and the project sponsor Hayden Davis, and no relevant wallet belongs to KIP or Lianchuang Julian. KIP is only invited to manage and oversee the selection of funded technology projects after release. KIP publicly acknowledges its role in the project because project information is listed on the official website and recognizes the potential of the program.

At 8 a.m. on February 16, Hayden Davis released a three-minute clarification video and related announcement. The main messages he conveyed in the video are as follows:

1. Hayden Davis confirmed that he was an advisor to Argentina President Javier Milei;

2. All funds that are sought to recover—including all expenses, income, liquidity, and other parts that can be recovered—are all injected into the Libra trading pair within the next 24 to 48 hours;

3. It was revealed that projects such as Photon, Bullex, Meteora, Jupiter, Moonshot made profits on LIBRA;

A document announcement is also attached below the video, with the main information including:

1. Hayden Davis’s role is to ensure liquidity of LIBRA while still maintaining control over all relevant expenses and funding reserves;

2. Javier Milei's team once assured Hayden Davis that it would continue to support during the LIBRA release, but Milei deleted Twitter and did not inform the team in advance;

3. Julian Peh, the founder of KIP Network and the main sponsor of Libra Token, has no misconduct. Davis speculates that the Milei team is trying to shift the blame to Julian in order to escape the responsibility they should bear;

An hour later, the official Argentina presidential office account issued an announcement explaining the background information of the LIBRA project, saying that on October 19, 2024, Argentina President Javier Milei met with representatives of KIP Protocol in Argentina. At the meeting, KIP introduced the president to its plan to develop a project called "Viva la Libertad" to leverage blockchain technology to provide financing support to private enterprises in Argentina.

On January 30, 2025, the President met with Hayden Mark Davis at the Presidential Palace, and according to a representative from KIP Protocol, Mr. Davis will provide the technical infrastructure for the project. It is said that Hayden Davis has no relationship with the Argentine government and is only introduced by a representative of KIP Protocol as one of the partners of the project.

The above is the response of the main participants of the LIBRA project. In this process, Chaofan Shou, the developer of Solayer who suffered losses, first called the market maker/creator of LIBRA tokens directly related to Arunkumar Sugadevan and another Indian chain of withdrawal pools. Scammer, questioning whether Kelsier Ventures outsources the token offering to Indian companies. Through timing analysis, it was found that the creator of LIBRA tokens is an insider of MELANIA and ENRON tokens, and is a developer of OG.FUN project, and has cleaned up more than $15 million of funds.

The statement was then deleted and stated that Arunkumar Sugadevan had nothing to do with LIBRA, but just shared the same market maker. But he created an infographic to integrate the relevant content of his investigation, saying that the LIBRA-related issuance market maker team manipulated multiple meme coins.

Jupiter, Meteora and others are in a crisis of public opinion

In Hayden Davis' video, the most exciting content is that it says that projects such as Photon, Bullex, Meteora, Jupiter, Moonshot have participated in the LIBRA release and made great profits.

Photon and Bullex are popular meme trading platforms in the English community, while Meteora, Jupiter and Moonshot are the one-stop service providers of Solana meme coins that became popular since TRUMP coins. This time, many investors who are rushing to LIBRA have made heavy positions because they can search for contract information on Moonshot.

In the comment section of the meeting with Hayden Davis released by President Milei on January 31, Meteora founder commented on "changing the world" and was supported by the community as evidence that Meteora has also participated in LIBRA's internal planning. As a result, Meteora founder Ben has not even issued a clarification statement before Hayden Davis released the video, saying that the LIBRA team used Meteora, a licenseless platform, but Meteora has never held any control over any tokens and has no direct contact with Milei.

Jupiter and his team members also issued clarifications, saying that several members of the Jupiter team learned directly from Kelsier Ventures about two weeks ago that there might be a token project related to the Argentine president at some time in the future. "No member of the Jupiter team received LIBRA tokens or any related remuneration. Jupiter founder Meow did not know the contract address or the specific release date, nor did he participate in any related operations. At that time, someone was in Tokyo and was in the token. Sleeping at the time of release.

In Jupiter's statement, it said that Meteora's founder Ben learned the contract address a few minutes before the token issuance for verification, but did not share it with the Jupiter team until the information was disclosed.

After Davis' video fermented, several project parties he mentioned issued clarification statements. Almost all statements said they would provide more detailed information to the community in the future, including Hayden Davis, who also said that they would continue to release videos to disclose the information behind it. But the token price is here. After two days of fermentation, LIBRA still has only a market value of US$300 million.

Insider reveals: The manipulated president

The most explosive LIBRA is related. In the early morning of February 16, community developer @DiogenesCasares published an article titled "Bribery, Insiders and the Manipulated President | The Truth of the $LIBRA Incident", saying that he was LIBRA and issued coins The plan's insider said he started receiving news a week ago, saying that rumors were circulating in the market about the upcoming launch of Milei-related meme coins. And it comes from traders and industry insiders who have reliable sources of information.

In the article, he wrote that he contacted several core people in the Argentina crypto community, mainly executives of large crypto exchanges and platforms. They all said they had never heard of this project. One mentioned that an idea dominated by U.S. investors had been proposed, and some, including JUP CEO, had wanted to create a token called $afuera, but the plan was not implemented.

He then learned that a Milei cronie had received a $5 million bribe in order to push the token project to the president. This does not mean that Milei himself accepted bribes, but that his confidants collected funds to facilitate MIlei to stand up for the token.

The author says the team behind the project is highly similar to the tokens previously launched by Trump’s wife Melania, with on-chain evidence suggesting that many of the early wallets that snapped up $LIBRA were associated with Melania tokens. It also stated that the Meteora team was involved with 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 mastered the internal information of LIBRA and obtained token addresses in advance before most ordinary buyers (usually relying solely on public data on the chain). In addition, another $20 million was transferred by multiple wallets that first received LIBRA from developers and then quickly sold for profit.

The author speculated that a group of foreign VCs, traders, intermediaries and crypto-circle KOLs tried to sell this token to the Argentine government, and the MIlei government became their target because it was open to new ideas, which was quite a "King of Chu is so detailed." The absurd feeling of waist.

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.

In contrast to this information, President Milei asked the Argentine Anti-Corruption Office in a statement to investigate whether there were any misconduct by members of the government, including the president himself. 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 integrate information and urgently investigate the issuance of cryptocurrency LIBRA and all businesses and individuals involved in the case. All evidence obtained from the investigation will be transferred to the judicial authorities to determine whether the company or individual related to the KIP Protocol project constitutes a crime.

meme The defeat of the cabal?

Some people in the community are reflecting on why they have lost money, and some are actively protecting their rights. Developer Farokh (@farokh) expressed his hope that Hayden Davis, the head of LIBRA project, will receive the KOL list of LIBRA token marketing rewards, and also called on crypto media to have People with ability 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 token's issuance contract in advance and bought it in advance through a small wallet, and the KIP team had discussed with him how to help him Issue your own tokens.

Encrypted KOL Beanie (@beaniemaxi) joked that when Dave Portnoy started playing the justice-based KOL, you can imagine how deep this matter is and how dirty it is in the "trenches". (Author’s note: Dave Portnoy has launched the spoof meme coin JAILSTOOL. Previously, CZ also reposted Dave Portnoy’s tweet, “To all the meme coin players who are crying now: We all know the rules of the game, everyone is here to make money, no People deceive anyone. If you are buying and selling junk coins, you should be prepared to lose all your investment. This is the risk. ”)

In a survey around Kelsier Ventures, Beanie said meme coin KOL champ is a partner of the Kelsier Ventures team.

The Encrypted KOL NDF is both a member of Kelsier Ventures’ team and a member of Fantom Troupe, which explains how LIBRA’s advance messages flow into the internal small circles. It is equivalent to a M&A investment banker on Wall Street and is working as a day trader in the same company, with obvious conflicts of interest.

Beanie calls Kelsier Ventures a family-style criminal group. In addition to CEO Hayden Davis, his father Tom Davis serves as chairman and his younger brother Gideon Davis serves as COO. Currently, Gideon has cleared X profile and logged out of Instagram.