A key figure behind the launch of the ‘$LIBRA’ memecoin that put President Javier Mieli at the heart of a cryptocurrency scandal made a series of multi-million-dollar transfers via digital platforms shortly after a meeting with Argentina’s head of state last January.
New research posted on social media by Fernando Molina, a crypto analyst who spoke before the lower house Chamber of Deputies about the scandal, alleges that Hayden Mark Davis, one of the entrepreneurs behind the launch of ‘$LIBRA,’ sent huge amounts of money to unknown individuals on January 30, 2025, and February 13, 2025.
The latter transfer, worth more than US$1.2 million, was made less than a day before the memecoin was launched and promoted by President Milei on social media – the move that kickstarted the scandal.
In a post on the X social media, Molina tracked the movement of funds made by Davis, who is currently under investigation by the US justice system. “Who did he send US$1.275 million to on February 13, a day before the $LIBRA launch? To https://Gate.io, an exchange he doesn't usually use,” revealed the cryptocurrency expert.
Davis made a similar operation on January 30, when he transferred US$507,500 to another wallet through the Bitget platform. Notably, this was the same day he visited the Casa Rosada presidential palace to meet with Milei, accompanied by Argentines Mauricio Novelli and Manuel Terrones Godoy.
The transfer was made 42 minutes after the president posted a selfie of himself with Davis in the presidential office on social media, in a post in which he shared that the US businessman had explained “the impact and applications of blockchain technology and artificial intelligence in the country.”
Molina identified another transfer on February 3, 2025, when Davis “sent US$1.991 million to a wallet, which then made three transactions: one to Bitget for US$500,000 and two for US$1 million. In all three, he first tested by sending US$5.”
Just a day later, “on February 4, Novelli opened his safety deposit box at Banco Galicia,” said the expert, referring to other media reports featuring images of the local crypto consultant purchasing access to safekeeping at a branch of the bank.
The total amount transferred in the transactions adds up to some U$4.5 million dollars.
Molina stressed that “no hasty conclusions should be drawn,” but noted that February 4 was the day Novelli opened a safety deposit box at Banco Galicia – the same one that his mother and sister emptied 13 days later on February 17, just as the $LIBRA scandal exploded into the local press.
Molina advised authorities in Argentina to investigate the roles of platforms like Gate.io and Bitget in facilitating the transfers and to determine who owns the accounts that received the funds. “It seems the ongoing investigations are focusing only on a few exchanges (Binance, Coinbase, Kraken), and the scope should be expanded. The only entities that know who holds these accounts are Gate.io and Bitget.”
Weeks ago, Davis testified before a New York court and claimed there was no fraud in the $LIBRA case. His statement came in response to a class-action lawsuit filed by investors in the Southern District Federal Court of New York.
Davis first met Milei at the Tech Forum in October 2024. The saga began on Friday February 14, 2025, when President Milei promoted the cryptocurrency via his official X account. Thanks to his endorsement, its value soared – only to collapse shortly after.
In just four hours, the currency lost 89 percent of its value. The scandal deepened once it emerged that the libertarian president had held prior meetings with those responsible for the project, including the January 2025 encounter with Davis, which also involved Novelli.
Cryptocurrency expert Iñaki Apezteguia summarised the situation in comments to Perfil: “It ended up being a profitable venture for very few, leaving US$100 million dollars unaccounted for as the apparent outcome of this alleged scam.”
– TIMES/PERFIL
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