A key determine behind the launch of the ‘$LIBRA’ memecoin that put President Javier Mieli on the coronary heart of a cryptocurrency scandal made a collection of multi-million-dollar transfers through digital platforms shortly after a gathering with Argentina’s head of state final January.
New analysis posted on social media by Fernando Molina, a crypto analyst who spoke earlier than the decrease home Chamber of Deputies concerning the scandal, alleges that Hayden Mark Davis, one of many entrepreneurs behind the launch of ‘$LIBRA,’ despatched enormous quantities of cash to unknown people on January 30, 2025, and February 13, 2025.
The latter switch, price greater than US$1.2 million, was made lower than a day earlier than the memecoin was launched and promoted by President Milei on social media – the transfer that kickstarted the scandal.
In a put up on the X social media, Molina tracked the motion of funds made by Davis, who’s at present underneath investigation by the US justice system. “Who did he ship US$1.275 million to on February 13, a day earlier than the $LIBRA launch? To https://Gate.io, an change he would not often use,” revealed the cryptocurrency knowledgeable.
Davis made an analogous operation on January 30, when he transferred US$507,500 to a different pockets by means of the Bitget platform. Notably, this was the identical day he visited the Casa Rosada presidential palace to fulfill with Milei, accompanied by Argentines Mauricio Novelli and Manuel Terrones Godoy.
The switch was made 42 minutes after the president posted a selfie of himself with Davis within the presidential workplace on social media, in a put up by which he shared that the US businessman had defined “the influence and purposes of blockchain expertise and synthetic intelligence within the nation.”
Molina recognized one other switch on February 3, 2025, when Davis “despatched US$1.991 million to a pockets, which then made three transactions: one to Bitget for US$500,000 and two for US$1 million. In all three, he first examined by sending US$5.”
Only a day later, “on February 4, Novelli opened his security deposit field at Banco Galicia,” stated the knowledgeable, referring to different media reviews that includes photos of the native crypto marketing consultant buying entry to safekeeping at a department of the financial institution.
The full quantity transferred within the transactions provides as much as some U$4.5 million {dollars}.
Molina confused that “no hasty conclusions needs to be drawn,” however famous that February 4 was the day Novelli opened a security deposit field at Banco Galicia – the identical one which his mom and sister emptied 13 days in a while February 17, simply because the $LIBRA scandal exploded into the native press.
Molina suggested authorities in Argentina to research the roles of platforms like Gate.io and Bitget in facilitating the transfers and to find out who owns the accounts that acquired the funds. “It appears the continuing investigations are focusing solely on a number of exchanges (Binance, Coinbase, Kraken), and the scope needs to be expanded. The one entities that know who holds these accounts are Gate.io and Bitget.”
Weeks in the past, Davis testified earlier than a New York court docket and claimed there was no fraud within the $LIBRA case. His assertion got here in response to a class-action lawsuit filed by buyers within the Southern District Federal Court docket of New York.
Davis first met Milei on the Tech Discussion board in October 2024. The saga started on Friday February 14, 2025, when President Milei promoted the cryptocurrency through his official X account. Because of his endorsement, its worth soared – solely to break down shortly after.
In simply 4 hours, the forex misplaced 89 % of its worth. The scandal deepened as soon as it emerged that the libertarian president had held prior conferences with these chargeable for the undertaking, together with the January 2025 encounter with Davis, which additionally concerned Novelli.
Cryptocurrency knowledgeable Iñaki Apezteguia summarised the scenario in feedback to Perfil: “It ended up being a worthwhile enterprise for only a few, leaving US$100 million {dollars} unaccounted for because the obvious end result of this alleged rip-off.”
– TIMES/PERFIL
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