Kraken Tied to $280 Million LIBRA Memecoin Legal Battle as Hayden Davis Denies Investment Claims

Crypto entrepreneur Hayden Davis has admitted in U.S. court filings that LIBRA, the controversial memecoin project, operated without a formal business plan. This revelation comes as $280 million in assets linked to the token remain frozen amid an ongoing legal dispute. A critical hearing in New York on August 19 will determine the fate of the seized funds, with investigators uncovering significant transfers to Kraken exchange. The case highlights regulatory scrutiny over memecoin projects and raises questions about exchange accountability in high-value crypto transactions.

Hayden Davis Denies LIBRA Was an Investment as $280 Million Remains Frozen

Crypto entrepreneur Hayden Davis has acknowledged in U.S. court filings that LIBRA, the embattled memecoin project, lacks a formal business plan. The admission comes amid a legal battle over $280 million in frozen assets tied to the token.

A New York hearing scheduled for August 19 will determine the disposition of the seized funds. The case took a curious turn when investigators traced large transfers to Kraken exchange during Davis's meeting with Argentine President Javier Milei.

The LIBRA controversy underscores growing regulatory scrutiny of meme-based cryptocurrencies. Market observers note the case could set precedents for how courts treat assets tied to tokens without traditional investment theses.

HJT Crypto and Kraken Partner to Launch Zero-Cost Cloud Mining Solution Amid Crypto Market Surge

As Bitcoin breaches $118,000 and XRP rallies 26% to $3.24 in 2025's bullish market, Kraken exchange and HJT Crypto unveil a strategic 'one-click mining' service. This collaboration democratizes access to passive crypto income by eliminating hardware costs and energy fees.

HJT Crypto's AI-driven platform leverages 70+ renewable energy-powered mining farms across 190 countries, serving 9 million users. The London-based firm pioneers sustainable blockchain infrastructure through hydropower, wind, and solar energy solutions.

The offering features seven competitive advantages: zero equipment costs, instant $12 welcome bonuses, and multi-currency support including BTC, ETH, XRP, and DOGE. This institutional-grade mining solution arrives as retail investors increasingly seek regulated entry points into crypto's record-breaking bull run.