Argentine prosecutor seeks to freeze $110 million in proceeds tied to Libra memecoin scandal: report

Argentine federal prosecutor Eduardo Taiano is actively seeking to freeze assets tied to the Libra memecoin scandal, which has drawn attention due to its alleged connection to President Javier Milei, local media reported.

The investigation centers on the Solana-based memecoin Libra, which Milei promoted on social media last month. Following his endorsement, the token’s fully diluted market cap surged over $2 billion in market capitalization before crashing dramatically, losing over 90% of its value. The token has a current FDV of around $100 million, according to DexScreener.

Taiano has requested the freezing of over $110 million in proceeds from Libra’s launch, according to local media outlet Clarín. Taiano also intends to recover deleted social media posts, including Milei’s initial endorsement, and requested phone records and visitor logs from the presidential residence and office.

The case has sparked a political firestorm in Argentina, with opposition figures calling for Milei’s impeachment, though his allies argue that he was not directly involved in creating the token.

On Feb. 14, Milei posted on X promoting the Libra project and claiming it would fund small businesses and startups to bolster Argentina’s economy. The post included a link to the token’s website and its contract address on Solana.

While Milei distanced himself from the project, denying detailed knowledge and deleting his promotional post, the prosecutor’s actions signal a deepening probe into his involvement.

Hayden Davis, CEO of Kelsier Ventures, appears to have played a central role in the Libra scandal and in getting the president to promote it.

In a video posted to X in February, Davis claimed he was Milei's advisor and worked closely with the president’s team. A photo of Milei with Hayden Davis was also posted on Milei’s X account in January and now appears to have been deleted.

In an interview with YouTube investigator Stephen Findeisen, also known as Coffeezilla, Davis also said he is the custodian of all the proceeds from LIBRA’s collapse, worth over $110 million. Davis admitted to holding around $100 million in stablecoins from the token’s launch and $13 million in LP fees, totaling roughly $113 million.