- The $507,500 transfer by Hayden Davis linked to President Milei’s selfie raises questions about indirect payments.
- Intermediaries, including Favio Blanco and Orlando Mellino, suspected of facilitating fund transfers.
- Libra coin’s market collapse in Argentina mirrors similar issues with Melania Trump’s meme coin.
An Argentine judge has frozen assets linked to the Libra meme coin controversy involving Hayden Davis, CEO of Kelsier Ventures. The funds were frozen after investigators identified a potential link between the cryptocurrency transactions and Argentine President Javier Milei. While no direct evidence has been found connecting the funds to Milei, the investigation suggests that payments may have been made indirectly to public officials.
Funds Transferred After Milei’s Social Media Post
The investigation revealed that $507,500 was transferred by Hayden Davis through the Bitget exchange just 42 minutes after President Milei posted a selfie with Davis. In the post, Milei mentioned that Davis had provided advice on blockchain and artificial intelligence. While there is no solid proof that the funds reached Milei or his associates, authorities believe intermediaries may have helped facilitate these transactions to obscure their origin.
As part of the investigation, the court also froze the assets of two suspected intermediaries, Favio Camilo Rodríguez Blanco and Orlando Rodolfo Mellino. Blanco is said to have played a role in moving funds via safe deposit boxes shortly after Libra’s collapse. These actions have raised concerns about potential money laundering and attempts to conceal the funds’ true destination.
The Libra Meme Coin Launch and Collapse
Libra, a meme coin launched in February 2023, was initially promoted as a tool to support small businesses in Argentina. Shortly after its launch, the coin’s market cap skyrocketed, but it quickly crashed by 90%. President Milei had actively promoted the coin on his social media accounts before deleting his posts following the coin’s rapid decline. Analysts later linked the Libra coin’s activities to the U.S. launch of Melania Trump’s own meme coin, which also experienced a brief surge before losing significant value.
The Libra investigation in Argentina runs parallel to a similar case in the United States. In the U.S., the case focuses on Benjamin Chow, co-founder of Meteora, who is considered the mastermind behind the operation. However, the U.S. case downplays President Milei’s role in the scandal. In contrast, Argentine authorities are concentrating on the involvement of Davis, lobbyists Mauricio Novelli and Manuel Terrones Godoy, and President Milei.
In May, U.S. courts froze $58 million in crypto linked to Davis and Chow. However, those funds were unfrozen in August, as a judge expressed doubts about the strength of the plaintiffs’ case. Meanwhile, the investigation in Argentina is ongoing, with assets remaining frozen as authorities continue to examine the links between the Libra coin and potential illegal activities.
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