# MileiMemeCoinControversy

Across the world, cryptocurrency entrepreneur Hayden Davis watched the value of Libra, the memecoin he helped launch, soar. Its market cap soared past $1 billion, $2 billion, and even past $4 billion.

When the token crashed, as such tokens often do, Milei’s presidency in Argentina was in crisis. Investors like Barstool Sports founder Dave Portnoy took huge losses and dubbed the token “the greatest heist of all time” — a reference to the crypto lexicon for fraud. Davis himself, in a subsequent social media post, acknowledged that he still had some gains despite the decline.

The incident is now the subject of an internal government investigation. Prominent figures in the crypto world are blaming each other as Milei tries to recover from the political backlash.

“The Libra story is a tragedy,” said Henry Elder at UTXO Management. “It’s a stark illustration of the current generation of crypto leaders lacking any sort of moral compass.”