Key notes
- Hayden Davis admitted that the balance was more a business project than a serious commercial project during the fraud trial.
- $ 499,000 transferred from the Davis portfolio at a meeting with the Argentinian president Milei Sparks Suspion.
- Large crypto transfers before and after the launch of the balance raise questions about the real objective of the token.
Hayden Davis, the personality behind the controversial scandal of the same scale, made a surprising statement in court. During a session before a New York court, he admitted that the token was not designed for serious commercial use. Instead, he described it as more than the same. It is a type of cryptocurrency often made as a joke or for media threw, rather than for long-term use or real value.
$ 500,000 sent at the Casa Rosada meeting raise questions
According to local reports, the trial, which takes place in the South New York district, drew the attention of the American and Argentine authorities. The balanced token was launched on February 14, 2025. He quickly drawn attention after receiving the support of the Argentinian president, Javier Milei.
Interestingly, the same value has increased sharply shortly after launch. However, a few hours later, he crashed. Many investors have lost significant sums. Following the incident, Coinspeaker reported that the president had been faced with dismissal calls for his role in approving the cryptocurrency failure.
In a recent update, the new details shared in court show something unusual. In particular, on January 30, 2025, Hayden Davis had a meeting with President Milei and Mauricio November, a merchant. The meeting took place in Casa Rosada, the official residence of the Argentinian government.
At the exact time, the meeting started, at 2:00 p.m., a portfolio linked to Davis sent $ 499,000 to USDC to Kraken exchange. This portfolio, called “YubW” investigators, is also linked to the previous Davis project, a same named $ Melania.
According to the update, the fact that this large sum was moved to the meeting raised new concerns. The court is invested in understanding the real objective of Davis’ visit to Casa Rosada and the nature of his relationship with President Javier Milei.
Later in the same day, Milei shared a photo on social networks with Davis, discussing their conversation on new technologies. Only 42 minutes after this position, an additional $ 507,000 was moved through a different portfolio linked to Davis.
⚖️ $ Libra The founder calls him a piece of meme
Hayden Davis, creator of the Balance project, submitted court documents in the United States officially declaring the balance a piece of memes – denying that he had a business plan or an investment structure. This directly contradicts the president of Argentina, Javier Milei,…
– Tomieyro ⛋⚛️ (@tomieyro) July 26, 2025
Model of cryptographic movements before and after the launch of Token Balance
According to the update, the court also examined other portfolio activities associated with Davis. On February 3, the YubW portfolio sent almost $ 2 million thanks to a portfolio chain and in Bitget, another exchange.
Each large transfer was tested for the first time with a small quantity. This method is often used to verify that a wallet is working properly before transferring larger funds.
In addition, one day before the launch of Balance even, Davis moved 1.275 million dollars to another exchange, Gate.io, which he did not often use. This transfer also started with a $ 100 test.
In Argentina, Mauricio November’s financial movements are also underway. A few days after meeting Davis, November opened a safe in Banco Galicia. His family then emptied it right after the balance crash.
With more questions than answers, the balance affair always takes place. Surveys are underway in both countries, and additional hearings are expected in the coming weeks. Although the investigation into the coordinates of the event continues, it should be noted that the Libra of memes supported by politicians once increased to an evaluation of $ 4.5 billion. In particular, after that, he crashed 95%.
following
Non-liability clause: Coinspeaker undertakes to provide impartial and transparent reports. This article aims to provide precise and timely information, but should not be considered as financial or investment advice. Since market conditions can change quickly, we encourage you to check the information for yourself and consult a professional before making decisions according to this content.
Benjamin Godfrey is a blockchain enthusiast and a journalist who savor the writing of actual applications for blockchain technology and innovations to stimulate general acceptance and global integration of emerging technology. His desire to educate people on cryptocurrencies inspires his contributions to renowned media and blockchain sites.
