TLDR
- Hayden Davis is identified by blockchain evidence as the mastermind behind both LIBRA and MELANIA coins, showing that his team executed self-sniping tactics at their launches.
- After the president of Argentina deleted his tweet supporting LIBRA, the token plummeted by 95%, sparking impeachment calls from opposing politicians.
- Despite returning $5 million to investor Dave Portnoy, who suffered losses from LIBRA, Hayden Davis insists it wasn’t an exit scam, though he retains control over $100 million.
- Blockchain experts at Bubblemaps uncovered connections between wallets, revealing earnings of $2.4 million from MELANIA and $87 million from LIBRA.
- Evidence connects the same team to additional token launches like TRUST, KACY, VIBES, and HOOD, demonstrating recurring strategies.
In a striking development, Hayden Davis of Kelsier admitted to his role in the LIBRA and MELANIA coin projects during an interview, acknowledging his team’s involvement in their early market manipulation.
The narrative began to emerge after Bubblemaps conducted a study on the MELANIA coin’s introduction, uncovering that one specific address profited over $2.4 million, attributed to self-sniping during its debut.
1/ How $LIBRA The same group behind MELANIA has also created other ephemeral coins.
Featuring new onchain evidence
A thread with Coffeezilla 🧵 ↓ pic.twitter.com/gNwj97KapF
— Bubblemaps (@bubblemaps) February 17, 2025
Further research showed that the gains were transferred to a wallet now linked to the MELANIA token originator, which then funded a separate address associated with the creation of LIBRA.
LIBRA gained notoriety after President Javier Milei publicly supported the token, citing its potential to aid small and medium enterprises in Argentina, but a retraction of his endorsement caused a sharp drop in its market value and heightened political tensions. Argentina’s Onchain evidence presented a clear picture of Davis’s involvement in both ventures, with profits totaling $87 million flowing out of the LIBRA creator’s wallet and an extra $6 million through a distinct USDC protocol, pointing to a multi-wallet strategy.
Initially, Davis claimed that the MELANIA team earned nothing and didn't withdraw liquidity. Yet, given blockchain evidence, he later clarified distinctions between redistributing liquidity and making outright sales.
The probe also indicated this wallet network was linked to other token endeavors bearing similar initial launch tactics across various projects.
Following the Money Trail
In a surprising act, Davis refunded $5 million to Dave Portnoy, who lost his investment in LIBRA, with Portnoy admitting to a pre-launch awareness of the project shortly before it went live.
Davis justified the practice of insiders benefiting from memecoin launches, likening it to usual business norms, asserting that those in the know always profit in such investments.
The MELANIA token’s current market cap stands at $625 million, a decrease from its initial $2.1 billion valuation this January, while Davis still sits over $100 million from LIBRA funds, maintaining it wasn't a fraudulent collapse but rather a strategy gone awry.
Blockchain analysis persists in digging through wallet links between these tokens, tracing mirrored techniques akin to the MELANIA introduction with additional wallet support via the USDC protocol.
When the supportive tweet was removed, timely sales were executed for profit.
Here’s 3 wallets insider trading $LIBRA right before the @JMilei retweet
The involved parties maintained an indifferent stance, seemingly as a counter-narrative.
What has this space come to man
These revelations have piqued the interest of regulatory officials and digital currency watchdogs. An opposition lawmaker described the situation as an international embarrassment. pic.twitter.com/sj8GZDF9Nf
— Dean Bulla (@deanbulla) February 17, 2025
Efforts to reach both Davis and Portnoy for more insights were unsuccessful by publication, as the investigation into their interconnected coin projects continues to unfold.
Technical studies of wallet transactions map a sophisticated network involving multiple blockchains, suggesting strategic and intricate planning for these coin launches.
Maisie, who has vast journalistic experience covering crypto and finance, contributes thoughtfully to Moneycheck.com, level-up-casino-app.com, and is Blockfresh.com's Chief Editor.
