Blockchain

Blockchain Analysis Reveals Shared Team Behind LIBRA and MELANIA Tokens

5 days ago
Bitcoin Ethereum News

TLDR

  • Hayden Davis has been identified as the creator of both LIBRA and MELANIA memecoins, with on-chain evidence showing his team engaged in self-sniping during launches
  • LIBRA token crashed 95% after Argentina’s President Milei deleted his supportive tweet, leading to impeachment calls from opposition
  • Davis refunded $5 million to Dave Portnoy who lost money on LIBRA, but claims it “wasn’t a rug pull” despite holding $100 million as custodian
  • Blockchain analysis firm Bubblemaps traced connections between wallets showing profits of $2.4 million from MELANIA and $87 million from LIBRA
  • The same team has been linked to multiple other token launches including TRUST, KACY, VIBES, and HOOD, displaying similar patterns

In a recent development that has sent ripples through the cryptocurrency community, Kelsier CEO Hayden Davis has publicly acknowledged his role as the creator of both the LIBRA and MELANIA memecoins. The admission came during an interview with crypto investigator Coffeezilla, where Davis also confirmed his team’s involvement in sniping both tokens at launch.

The story began to unfold when blockchain analytics firm Bubblemaps conducted an investigation into the MELANIA token’s launch patterns. Their analysis revealed that a single address, labeled P5tb4, had earned more than $2.4 million through what appeared to be self-sniping activities during the token’s launch phase.

Further investigation showed that these profits were moved to wallet 0xcEA, which was later confirmed to be connected to the MELANIA token creator through a series of funding transactions and cross-chain transfers. This wallet then provided financial support to address DEfcyK, which was identified as the creator of the LIBRA token.

The LIBRA token gained attention when Argentina’s President Javier Milei posted a tweet supporting the project, claiming it would help small and mid-sized businesses in Argentina. However, the tweet was quickly deleted, leading to a 95% drop in the token’s value and subsequent calls for Milei’s impeachment from opposition lawmakers.

Davis’s team’s involvement in both projects became clear through on-chain evidence. The wallet associated with the LIBRA token creator reportedly cashed out $87 million, while wallet 0xcEA generated an additional $6 million in profits through multiple side addresses funded via the USDC Cross-Chain Transfer Protocol.

When questioned about the MELANIA token, Davis initially claimed there was “no money made from the MELANIA team” and that they “didn’t take any liquidity out.” However, when presented with on-chain data, he modified his statement, drawing a distinction between “swapping liquidity” and “selling liquidations.”

Following the Money Trail

The investigation has also revealed connections to other token launches. The same wallet cluster has been linked to tokens such as TRUST, KACY, VIBES, and HOOD, suggesting a pattern of similar launch strategies across multiple projects.

In a move that raised eyebrows, Davis sent a $5 million refund to Barstool Sports founder Dave Portnoy, who had lost money investing in LIBRA. During his interview with Coffeezilla, Portnoy admitted to knowing about the project weeks before its launch and purchasing tokens shortly after Milei’s tweet.

Davis defended the presence of insiders in memecoin launches, comparing it to standard business practices. “The idea of insiders is always bullshit because every memecoin I’ve ever known or invested in or been a part of, the people that benefit are the people that know,” he stated.

The MELANIA token currently maintains a market cap of $625 million, a decrease from its launch value of $2.1 billion on January 20. Meanwhile, Davis holds approximately $100 million as custodian of LIBRA funds, which he insists is “not a rug pull” but rather “a plan gone miserably wrong.”

Blockchain analytics continue to uncover connections between various wallet addresses involved in both token launches. The investigation revealed that multiple side addresses were funded through the USDC Cross-Chain Transfer Protocol, mimicking the tactics observed during the MELANIA token launch.

The timing of these revelations has drawn attention from regulatory bodies and crypto investigators. Opposition lawmaker Leandro Santoro has described the situation as a “scandal which embarrasses us on an international scale.”

Both Davis and Portnoy were contacted for additional comments but had not responded by the time of publication. The investigation remains ongoing as more details continue to emerge about the interconnected nature of these memecoin launches.

Technical analysis of the wallet activities shows a complex web of transactions across multiple blockchain networks, indicating a sophisticated approach to token launch operations. The use of cross-chain transfers and multiple wallet addresses suggests careful planning in the execution of these launches.

Source: https://blockonomi.com/blockchain-analysis-reveals-shared-team-behind-libra-and-melania-tokens/