Hayden Davis crypto scandal deepens as LIBRA memecoin faces fraud allegations
The post Hayden Davis crypto scandal deepens as LIBRA memecoin faces fraud allegations appeared on BitcoinEthereumNews.com.
Portnoy returned 6 million LIBRA tokens after concerns over transparency in promotions An investigation linked LIBRA and MELANIA token projects, revealing cross-chain fund transfers The controversy surrounding the LIBRA memecoin continues to unfold as Argentina’s President Javier Milei faces intense scrutiny. In fact, just recently, Milei publicly denied knowing about the fraudulent nature of LIBRA, a cryptocurrency he had initially endorsed. As expected, LIBRA, which briefly surged in popularity before collapsing, became the center of a scam. Ongoing LIBRA memecoin scandal Adding to the controversy, Barstool Sports founder Dave Portnoy came forward and revealed that he returned 6 million LIBRA tokens to the project’s founder, Hayden Davis. In a recent X Spaces event on 16 February, Portnoy revealed that he received approximately 6 to 6.5 million LIBRA tokens as compensation for promoting the memecoin on social media. However, since Davis asked him not to disclose that he was paid for the promotion, he returned the tokens. He said, “I can’t accept coins if you don’t f*****g let me say you gave me coins, and I’m part of the project. So, I literally sent the coins back. This is all going on before any of this shit — before I knew this was a disaster.” Needless to say, this situation has further raised questions about the legitimacy of memecoin projects and their endorsements. Is there more to the story? Portnoy also disclosed that he purchased additional LIBRA tokens and admitted to keeping them, even as their value plummeted. In fact, he stayed in touch with founder Hayden Davis as the project’s downfall unfolded. Despite the chaos though, Portnoy believes Davis likely did not intentionally orchestrate a rug-pull. He is even speculating that Argentine President Javier Milei’s sudden withdrawal of support contributed to the collapse. How is $MELANIA involved in this controversy?…
Filed under: News - @ February 18, 2025 6:18 am