Scammer Hayden Davis admits LIBRA had no investment plan

Hayden Davis, the crypto scammer behind the collapsed $LIBRA token, told a U.S. federal court that the coin wasn’t an actual investment, it was just a memecoin.

Hayden admitted there were no documents, plans, infrastructure, or tokenomics ever presented to buyers. He argued there was never a business structure in place to justify treating LIBRA as anything more than a collectible coin with no real-world value.

“Defendants provided no plans, details, or infrastructure to potential purchasers of the memecoin, nor did they provide detailed disclosures or tokenomic distribution information,” the filing said.

The case is part of an ongoing lawsuit accusing Hayden and others of orchestrating a multi-million dollar scam tied to LIBRA’s launch, which was heavily pushed online by President Javier Milei, only to tank hours after going live.

Hayden also acknowledged that memecoins “are not investments and have no intrinsic value, but rather are unsecured and unsecured affinity and collectible products whose market is marked by extreme volatility.”

That statement directly clashes with what Milei tweeted on February 14, when he said LIBRA would support the Argentine economy by funding small businesses. He later deleted the post, saying he “was not familiar with the details of the project.”

This admission came in a 30-page document filed by his lawyers with Judge Jennifer L. Rochon at the Southern District of New York, according to local media outlet Clarín.

The legal fight is centered on more than $280 million in frozen assets believed to be profits from the failed project. The final decision on what happens to those funds will be made during a hearing on August 19 in New York, where Hayden and two co-defendants, Benjamin Chow, co-founder of Meteora, and Julian Peh, who leads Kip Protocol, are all scheduled to appear.

Hayden says LIBRA had no business plan, wants case moved

Hayden is being sued by Omar Hurlock, a private investor who claims to have been harmed by the LIBRA launch. Last week, Hurlock’s legal team asked the court to force Hayden and Chow to answer direct questions about their role in the token’s creation.

Judge Rochon denied that request. In response, Hayden went on offense. His lawyers submitted a document accusing Hurlock of having no evidence that he was harmed, and not even proving he ever bought LIBRA directly from Hayden.

“The plaintiff doesn’t even prove he was a direct victim. He’s attempting to lead a class action lawsuit without demonstrating his own harm,” Hayden’s team wrote. They also requested the case be moved from New York to Argentina or Texas, jurisdictions they say are more appropriate for the proceedings.

Hayden also went after Hurlock’s lawyer, Max Burwick, calling him a “crypto ambulance chaser.” Burwick is known for representing investors who lost money in failed crypto projects and has been active on X offering to help victims recover funds. Hayden’s filing said this undermines the credibility of the legal action.

Transfer trail ties Hayden wallets to MELANIA token and exchanges

While Hayden was sitting down with Milei at the Casa Rosada on January 30, one of his wallets, identified as yUBW, transferred $499,000 in USDC to a centralized crypto exchange. That wallet has already been linked to Hayden and the $MELANIA token, another token project launched earlier in the year, supposedly inspired by First Lady Melania Trump.

The transfer happened at the same time Hayden was in a meeting with Milei and Mauricio Novelli, a businessman known for co-founding the Tech Forum. Public records show that the meeting was held to discuss blockchain and decentralized technology.

A few hours later, Milei posted a photo of himself and Hayden on his official account. Less than an hour after that, another Hayden-linked wallet sent $507,000 through Bitget, a popular crypto platform.

That second wallet is also linked to yUBW through multiple transactions and is ultimately tied to a third wallet under Kelsier Ventures, ending in 9qEV, which has been repeatedly connected to Hayden’s activities.

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