according to the materials from the site - By Cryptopolitan_News
Hayden Davis, the crypto scammer behind the collapse of the $LIBRA token, stated in a U.S. federal court that the coin was not a real investment but just a meme coin.
Hayden admitted that no documents, plans, infrastructure, or tokenomics were presented to the buyers. He claimed that there was no business structure that justified treating LIBRA as something more than a collectible coin with no real value.
"The defendants did not provide potential buyers of the meme coin with any plans, details, or infrastructure, nor did they provide detailed disclosures or information about tokenomics distribution," the lawsuit states.
This case is part of an ongoing legal process accusing Hayden and others of orchestrating a multimillion-dollar fraud related to the launch of LIBRA, which was actively promoted online by President Javier Milei but collapsed just hours after its launch.
Hayden also acknowledged that meme coins "are not investments and have no intrinsic value, but represent unsecured and uncollateralized goods related to interests and collecting, the market for which is characterized by extreme volatility."
This statement directly contradicts Milei's post on Twitter from February 14, where he stated that LIBRA would support the Argentine economy by financing small businesses. He later deleted the post, claiming he was "unfamiliar with the project's details."
This admission is contained in a 30-page document filed by his lawyers with Judge Jennifer L. Rochon in the Southern District of New York, local outlet Clarín reports.
The lawsuit is related to more than $280 million in frozen assets, which are believed to be profits from the failed project. A final decision on the fate of these funds will be made at a hearing on August 19 in New York, where Hayden and two co-defendants, Benjamin Chow, co-founder of Meteora, and Julian Pe, head of Kip Protocol, are expected to appear.
Hayden claims that LIBRA did not have a business plan and is requesting a transfer of the case to another jurisdiction.
Omar Hurlock, a private investor who claims to have suffered from the launch of LIBRA, has sued Hayden. Last week, Hurlock's lawyers asked the court to compel Hayden and Chow to answer direct questions about their roles in creating the token.
Judge Rochon denied this motion. In response, Hayden resorted to insults. His lawyers submitted a document accusing Hurlock of failing to provide evidence that he was harmed, and even of lacking evidence that he ever purchased LIBRA directly from Hayden. "The plaintiff has not even proven that he was a direct victim. He is trying to initiate a class action without demonstrating the harm suffered," wrote Hayden's team. They also requested to move the case from New York to Argentina or Texas, which they believe are more suitable for the proceedings.
Hayden also launched criticism at Hurlock's lawyer, Max Burwick, calling him a "crypto hunter." Burwick is known for representing the interests of investors who lost money in failed crypto projects and actively participates in program X, helping victims recover funds. Hayden's statement claims this undermines confidence in the lawsuit.
Following the transfers, Hayden's wallets are linked to the token and exchanges MELANIA
On January 30, when Hayden met with Milei at Casa Rosada, one of his wallets, identified as yUBW, transferred $499,000 in USDC to a centralized crypto exchange. This wallet had already been linked to Hayden and the $MELANIA token, another token project launched earlier this year, presumably inspired by First Lady Melania Trump.
The transfer of funds occurred at the same time that Hayden was meeting with Milei and Mauricio Novelli, a businessman known as a co-founder of Tech Forum. According to public records, the meeting was focused on discussing blockchain and decentralized technologies.
A few hours later, Milei posted a photo of himself and Hayden on his official account. Less than an hour after that, another wallet linked to Hayden sent $507,000 via Bitget, a popular crypto platform.
This second wallet is also connected to yUBW through several transactions and is ultimately tied to a third wallet Kelsier Ventures, ending in 9qEV, which has repeatedly been linked to Hayden's activities.
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