Hayden Davis, creator of the LIBRA token, has now described the crypto undertaking as a memecoin in a current court docket submitting as a part of a authorized technique to counter a class-action lawsuit. The American crypto entrepreneur and marketer continues to attract destructive consideration and stays beneath investigation following the extremely questionable launch and crash of LIBRA in February 2025.
Davis’ Conflict With US Non-public Investor Forces LIBRA Memecoin Admission – Report
The LIBRA undertaking gained a lot recognition following public promotion by Argentine President Javier Milei on X, on February 14, 2025. The crypto token’s worth soared to $5 in a number of hours following its launch earlier than plummeting to just about $0. Since then, the nation’s chief has distanced himself from the crypto undertaking whereas even authorizing an investigation into the occasion by the nation’s anti-corruption workplace.
In keeping with native Argentine media Clarin, Omar Hurlock, a US non-public investor, via American legislation agency Burwick Regulation, has since initiated a class-action lawsuit in opposition to Hayden Davis and different individuals behind LIBRA, together with Benjamin Chow, co-founder of the Meteora platform, and Julian Peh, head of Kip Protocol.
In a 30-page defence in opposition to Hurlock’s claims of working a rip-off, Hayden Davis states the US investor has no proof to again the complaints of ever buying tokens from him or different builders of the crypto undertaking. Specifically, Davis assaults Hurlock’s credibility to guide a category motion in a case he isn’t a direct sufferer.
Moreover, the crypto entrepreneur additionally publicly refers to LIBRA as a memecoin for the primary time for the reason that incident in February. Earlier than this assertion, the cryptocurrency had been beforehand described by all events concerned as an funding fund focused at financing Argentine firms.
In ascribing memecoin standing to LIBRA, the defendant emphasizes the speculative nature of this token whereas additionally claiming no guarantees had been made to potential buyers. An announcement from the temporary reads:
Defendants offered no plans, particulars, or infrastructure to potential purchasers of the memecoin, nor did they supply detailed disclosures or tokenomic distribution data concerning how the funds raised can be allotted to satisfy the [allegedly] promised financial initiatives
The case is presently filed on the District Courtroom for the Southern District of New York beneath Decide Jennifer L. Rochon and is scheduled for a listening to on August 19. The result of this lawsuit can be anticipated to affect the standing of $250 million in frozen belongings, that are linked to earnings from the LIBRA undertaking.
Value Overview
At press time, LIBRA trades at $0.01690 with its whole market cap valued at $4.61 million.
Featured picture from The Economist, chart from Tradingview
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