LIBRA Founder Claims Project Was a Memecoin in Legal Reversal Amid $280M Freeze

Cryptocurrency entrepreneur Hayden Davis has dramatically altered his legal defense in the ongoing LIBRA case, now asserting the project was merely a memecoin created for amusement rather than a serious investment vehicle. This reversal comes as $280 million remains frozen in related accounts.

The about-face contradicts earlier representations of LIBRA as a legitimate cryptocurrency project. Davis told Southern District of New York Judge Jennifer L. Rochon that no formal business plan ever existed, challenging investor Omar Hurlock's claims of fraud. Hurlock's legal team continues pushing for investigation into Davis and associate Benjamin Chow.

Argentine outlet Clarín reports Davis made these admissions during January 30 meetings with President Javier Milei, while blockchain analysts trace movements of Davis-linked wallets. The defense maintains opponents lack evidence of fraudulent intent, framing LIBRA's collapse as the predictable outcome of a joke cryptocurrency rather than a breach of fiduciary duty.