Skip to main content

Hayden Davis Rebrands Controversial LIBRA Token As A Memecoin In Court Filing – Details

Hayden Davis, creator of the LIBRA token, has now described the crypto project as a memecoin in a recent court filing as part of a legal strategy to counter a class-action lawsuit. The American crypto entrepreneur and marketer continues to draw negative attention and remains under investigation following the highly questionable launch and crash of LIBRA in February 2025.

Davis’ Clash With US Private Investor Forces LIBRA Memecoin Admission – Report

The LIBRA project gained much popularity following public promotion by Argentine President Javier Milei on X, on February 14, 2025. The crypto token’s value soared to $5 in a few hours following its launch before plummeting to nearly $0. Since then, the nation’s leader has distanced himself from the crypto project while even authorizing an investigation into the event by the nation’s anti-corruption office.

According to local Argentine media Clarin, Omar Hurlock, a US private investor, through American law firm Burwick Law, has since initiated a class-action lawsuit against Hayden Davis and other persons behind LIBRA, including Benjamin Chow, co-founder of the Meteora platform, and Julian Peh, head of Kip Protocol.

In a 30-page defence against Hurlock’s claims of running a scam, Hayden Davis states the US investor has no evidence to back the complaints of ever purchasing tokens from him or other developers of the crypto project. In particular, Davis attacks Hurlock’s credibility to lead a class action in a case he is not a direct victim.

Furthermore, the crypto entrepreneur also publicly refers to LIBRA as a memecoin for the first time since the incident in February. Before this statement, the cryptocurrency had been previously described by all parties involved as an investment fund targeted at financing Argentine companies.

In ascribing memecoin status to LIBRA, the defendant emphasizes the speculative nature of this token while also claiming no promises were made to prospective investors. A statement from the brief reads:

Defendants provided no plans, details, or infrastructure to potential purchasers of the memecoin, nor did they provide detailed disclosures or tokenomic distribution information regarding how the funds raised would be allocated to fulfill the [allegedly] promised economic initiatives

The case is presently filed at the District Court for the Southern District of New York under Judge Jennifer L. Rochon and is scheduled for a hearing on August 19. The outcome of this lawsuit is also expected to influence the status of $250 million in frozen assets, which are linked to profits from the LIBRA project.

Price Overview

At press time, LIBRA trades at $0.01690 with its total market cap valued at $4.61 million.

LIBRA

from Bitcoinist.com https://ift.tt/70oqCZd
Labels:

Comments

Post a Comment

Popular posts from this blog

Bitcoin ETFs Post Second Straight Week Of $500 Million Outflow — Details

The US-based spot Bitcoin ETFs (exchange-traded funds) recorded their second consecutive week of significant outflows over the last five-day trading period. This recent run of disappointing performances reflects the ongoing shift in investor sentiment in the United States. Over the past year, strong inflows into the US Bitcoin ETF market have constantly been associated with positive action for the BTC price. Fittingly, the price of Bitcoin has been consolidating over the past few weeks, struggling to pick up any real momentum. Bitcoin ETFs Record Fourth Consecutive Outflow Day According to the latest market data , the US Bitcoin ETFs registered a total daily outflow of $62.77 million on Friday, February 21. This latest round of withdrawals marked the fourth straight day (and the eighth day in the last nine trading days) that the crypto-based products would witness a net capital outflow. The Grayscale Bitcoin Trust (with the ticker GBTC) accounted for a larger percentage of Friday’...
Post a Comment
Read more

Bitcoin Goes Official: Texas Becomes 1st US State With BTC Reserve

Everything is big in Texas, many would say. Today, the state is looking past its current state of finances by adding Bitcoin to its coffers–and making things bigger in terms of its economic implications. Texas became the first US state to establish a crypto reserve . On March 7, 2025, legislators passed Senate Bill 21, which gives the green light to the state to direct public funds toward Bitcoin and other digital assets. The action has elicited both support and concern, with some viewing it as a prudent financial hedge and others warning of potential pitfalls. A Push For Bitcoin In The Lone Star State For months, Texas has been seeing increasing favor for the idea of a Bitcoin reserve. Senator Charles Schwertner introduced SB 778, a measure that proposes establishing a strategic stockpile. Including the top crypto asset into the state’s financial reserves was meant to help cushion inflation and economic uncertainty. Texas officials, especially Lieutenant Governor Dan Patrick, wh...
Post a Comment
Read more

Liczba milionerów kryptowalutowych wzrosła o 40%. Rynek przekracza 3,3 biliona dolarów

Rozwój rynku kryptowalut widać również bo liczbie osób, których portfel kryptowalutowy przekroczył milion dolarów. Według najnowszego raportu Henley & Partners, liczba inwestorów posiadających majątek przekraczający milion dolarów w cyfrowych aktywach wzrosła o 40% w ciągu ostatniego roku. Aktualnie na świecie jest już 241 700 milionerów, jeśli chodzi o waluty cyfrowe. Wzrost ten zbiegł się z historycznym momentem, gdyż w połowie 2025 roku kapitalizacja całego rynku kryptowalut przekroczyła 3,3 biliona dolarów . Bitcoin wciąż liderem wzrostów Największy udział w tworzeniu nowych fortun ma niezmiennie Bitcoin. Liczba posiadaczy portfeli BTC, których wartość przekracza milion dolarów, wzrosła aż o 70% rok do roku i wynosi dziś 145 100 . Jeszcze bardziej imponująco wygląda grupa tzw. Centymilionerów, czyli inwestorów posiadających ponad 100 milionów dolarów w Bitcoinie. Ich liczba wzrosła o 63% , osiągając poziom 254 osób. Co więcej, liczba miliarderów BTC podskoczyła do 17, notu...
Post a Comment
Read more