BlockBeats News, July 26th, according to Argentine media Clarín, LIBRA project advisor Hayden Davis recently submitted a document to a U.S. court, acknowledging for the first time that LIBRA is a Meme token and denying that it is an investment project with a business plan. This contradicts the claim made by President Javier Milei that it "supports the Argentine economy."

Davis's defense attorney acknowledged that the Meme token "is not an investment, has no intrinsic value, but is an unsecured, uncollateralized asset with speculative and collectible characteristics, and its market volatility is extremely high." At the same time, another fund transaction was exposed. On January 30th of this year, during a meeting at the presidential palace with Milei, Davis's associated wallet transferred nearly 500,000 USDC to the centralized exchange Kraken, suspected to be related to project fund flows. Records also show that the purpose of the meeting held at the presidential palace on January 30th was to "analyze blockchain and decentralized technology."

The case involves about $280 million in frozen assets, and a hearing will be held in a New York court on August 19th to determine whether Hayden Davis and his partners are suspected of manipulating LIBRA for profit. Previously, on January 30th of this year, during a meeting at the presidential palace with Javier Milei, Hayden Davis's associated wallet transferred nearly 500,000 USDC to Kraken, suspected to be related to project fund flows.