The ripples from the seismic Libra memecoin scandal continue to spread, casting an ominous cloud over the world of cryptocurrencies. Argentine President Javier Milei, who backed the company behind the ill-starred venture, now faces potential impeachment amidst allegations of his involvement in a fraudulent multi-million dollar cryptocurrency operation. Meanwhile, across the Atlantic, a parallel project in Nigeria, involving the same company, is teetering on the edge of collapse in the wake of the Libra debacle.
The company in question is Kelsier Ventures, a US-based firm with significant links to the Libra token. Kelsier Ventures’ CEO, Hayden Davis, has attempted to downplay the controversy surrounding the memecoin crash. Speaking in a video interview, Davis described memecoins as inherently risky investments and admitted that the industry is littered with conflicts of interest. However, he assured that he was actively seeking a solution for investors caught in the crossfire of the scandal.
In the same interview, Davis disclosed Kelsier Ventures’ involvement in the creation of Melania Trump’s memecoin, MELANIA, a claim substantiated by blockchain analysis platform Bubblemaps. The platform’s investigation found wallet connections linking the MELANIA and Libra projects, fueling speculation about former President Donald Trump’s potential involvement in the memecoin space, although no direct link has been established.
In an exclusive revelation, The Big Whale reports that Kelsier Ventures was also developing another memecoin project in collaboration with the Nigerian administration. This project, based on the Solana blockchain, was reportedly in advanced stages of development. While there is no concrete evidence to suggest Nigerian President Bola Tinubu’s direct involvement, sources confirm that members of his team were engaged in discussions regarding the project.
“The project was well underway,” said a source familiar with the situation. However, the fallout from the Libra scandal has cast a shadow of uncertainty over the future of the Nigerian memecoin initiative. It appears that the Nigerian case may not be an isolated incident, as sources reveal that Kelsier Ventures has reached out to other governments about launching similar memecoin projects.
As U.S. law firms, including Bruwick Law, mobilize to file a class-action lawsuit against President Milei, and opposition parties in Argentina consider impeachment proceedings, the future of government-backed memecoin ventures hangs in delicate balance. The Libra scandal has not only resulted in financial losses for many investors, but it may also significantly impact the future of cryptocurrency collaborations between governments and tech firms.
*This is not investment advice.
