“Those Angry Are Not Part of the Inner Circle”: Coffeezilla Exposes Libra Token Scandal

In an exclusive conversation with investigative YouTuber Coffeezilla, key Libra token figure Hayden Davis has opened up about the controversy surrounding the project.

The Libra token, spearheaded by Argentine President Javier Milei, was initially touted as a private initiative to bolster the Argentine economy. The project rapidly gained momentum, reaching a remarkable $4.5 billion market cap before experiencing a drastic decline. Following this downfall, speculations arose regarding the whereabouts of $100 million, a matter that Davis addressed by admitting to currently holding the funds but lacking clarity on the way forward.

Milei, who was a staunch advocate for the token, backtracked by deleting his promotional content and attempting to distance himself from the project. This abrupt shift has triggered intense political scrutiny, with demands for his impeachment and legal probes into potential fraudulent activities.

During the interview, Davis shed light on various key revelations surrounding the token’s launch and subsequent controversies. He unveiled details about sniper bots and insider traders who capitalized on the opportunity to accumulate significant amounts of tokens prior to retail investors entering the market. These snipers allegedly amassed fortunes, artificially inflating prices before offloading the tokens, leading to the market crash. Davis acknowledged that the team withdrew liquidity from the market to mitigate these effects, a move criticized as a rug pull. He defended this action as a measure to safeguard the floor price and ensure stability in anticipation of forthcoming marketing initiatives.

A significant point of contention was Milei’s involvement in the project, with Davis insinuating that the president had planned additional promotional material for Libra before retracting his support. Davis implied that Milei succumbed to extreme political pressure which triggered panic, ultimately resulting in the token’s collapse and widespread financial losses for investors.

Another pressing issue was the fate of the $100 million in funds, with Davis outlining three potential courses of action: refunding investors based on transaction history, reinvesting the funds into the Libra market, or donating them to an Argentine non-profit. He expressed concerns regarding his safety, citing threats from investors and criminal entities, and lamented the lack of guidance from the Argentine government and other key stakeholders on how to navigate the situation.

Discussing the ethical implications of insider trading, Coffeezilla challenged Davis on practices involving early investors like Dave Portnoy, who allegedly knew about the launch in advance. Davis justified the behavior by highlighting the benefits that insiders traditionally reap in meme coin launches, likening the industry to an unregulated casino where retail investors face significant disadvantages. He emphasized that insiders, not outsiders, are the ones who benefit from such operations, underscoring the prevalence of this practice in the cryptocurrency landscape.

As regulatory bodies in Argentina delve into the matter, legal repercussions for Milei and Davis appear imminent, signaling a potentially tumultuous road ahead for those embroiled in the Libra token controversy.