Hayden Mark Davis, the man behind the Libra token endorsed by Argentina’s President Javier Milei, which cratered in value, appears to be holding $100 million of investors’ funds but insists this is “not random scam.”
Sunday, Feb. 16, turned out to be a disaster for Argentina‘s President Javier Milei as political opponents threatened an impeachment trial after he promoted Project Viva La Libertad (also known by its ticker LIBRA) on X.
The token, launched on Solana, was meant to help Argentina’s economy but cratered by more than 90% just hours after its debut as insider wallets cashed out over $100 million in liquidity, leading to a $4 billion market cap wipeout.
Yet, it seems that Milei wasn’t the only one behind the token’s launch. Instead, it appears to have been a collective initiative, with various parties now pointing fingers at each other. The launch of the LIBRA token, promoted by Argentine President Javier Milei, involved several key individuals and organizations:
- President Javier Milei. Who publicly endorsed the token, presenting it as a means to support small businesses and stimulate Argentina’s economy.
- KIP Protocol. A decentralized AI framework that bragged about playing a key role in the development of LIBRA.
- Julian Peh. Co-founder and CEO of KIP Protocol, who met with President Milei to discuss how KIP’s decentralized AI technology could align with Argentina’s technological ambitions.
- Hayden Mark Davis. A serial crypto entrepreneur, who was involved in the token’s promotion and later accused President Milei of withdrawing support, which he claims led to the token’s collapse.
Shortly after Libra’s price collapsed and Milei deleted his endorsement post, he published a new one, saying he was “not aware of the details.” KIP Protocol then issued a clarification statement emphasizing that Peh and other members of its team had met Milei in October 2024, though Libra was not discussed at the time.
The firm stated that KIP had no role in launching the token, wasn’t connected to Davis in any way, and didn’t make any money from the project.
Hustling expert
As of now, Hayden Mark Davis, who played a role in launching the token and claims to be the CEO of a crypto firm called Kelsier Venture, is under the most scrutiny. Even though PitchBook says the firm was founded in 2021, it seems to have actually launched in early 2023, based on the domain registration details.
The firm’s official website claims Kelsier “fuels web3 innovation through the synergy of go-to-market expertise, in-depth research, and targeted investments,” but doesn’t go into specifics on its offerings. The website has no portfolio, no team page, let alone terms of use or privacy policy.
Davis, who listed “hustling expert” and “business networking” as skills on his LinkedIn profile, published a video on X shortly after the token crashed, calling himself “Javier Milei’s advisor.” He also said he is working with Milei and his team on “much bigger tokenization and really cool stuff in Argentina, and I absolutely back him.”
While Davis didn’t give specifics on what went down or who took out over $100 million through insider wallets, he admitted in the video that “things didn’t go according to plan.” He also pledged to return “every single dollar that was collected from fees, or farming or liquidity, anything I’ve managed to get back and my intention is to inject everything back into the Libra chart.”
“Better study your ass off”
In a separate interview with crypto investigator Stephen Findeisen — also known as Coffeezilla — Davis admitted that he’s holding $100 million affiliated with the project, calling it “leverage with certain groups and parties.”
“The fact that I have control is also what’s making me a target and also is protecting me. Because this is an international incident. This isn’t like some random fucking scam.”
Hayden Mark Davis
As of press time, it’s unclear whether Davis was responsible for launching the token. However, this does not appear to be his first pump-and-dump incident.
Analysts at blockchain analytics platform Bubblemaps have uncovered on-chain evidence suggesting that the entity behind the LIBRA crash also orchestrated the MELANIA token launch. Later in his interview with Coffeezilla, Davis admitted he was involved in the MELANIA launch and took advantage of it.
Davis also talked about meme coin launches like MELANIA, telling retail investors who think they can make millions trading meme coins they should study their “fucking ass off,” adding that the meme coin space is an “unregulated casino.”
