Key Takeaways
- The mastermind behind the LIBRA scam planned a similar memecoin launch in Nigeria.
- LIBRA promoters were linked to multiple fraudulent tokens, including the First Lady-themed MELANIA coin.
- The $4.4 billion LIBRA collapse could mark a turning point for the memecoin frenzy.
The unraveling of the $4.4 billion LIBRA memecoin crash is exposing a far-reaching network of fraudulent schemes, with its promoters now linked to yet another national-level scam—this time in Nigeria.
After successfully getting Argentine President Javier Milei to twice amplify the LIBRA token, insiders now claim that the same group behind the project was laying the groundwork for a similar scam in Nigeria, enlisting the help of political insiders to push the token.
Kelsier Ventures’ Alleged Role in the Nigerian Memecoin Scheme
Kelsier Ventures and its CEO, Hayden Davis, have been identified as key figures in a string of high-profile celebrity memecoin scams.
In an interview with investigative journalist Coffeezilla, Davis openly admitted to being involved in multiple fraudulent token launches.
He also revealed that his team had been working on a LIBRA-style memecoin in Nigeria, allegedly in coordination with government officials who would help promote it.
According to The Big Whale, “the project was well advanced,” with sources suggesting that the scammers had mapped out similar launches in other countries. The report further indicates that politicians were being actively courted to endorse these fraudulent schemes.
LIBRA’s Collapse: A Black Swan Moment for Memecoins?
Each crypto bull cycle brings a new speculative frenzy.
In 2017, there was a boom and bust in initial coin offerings (ICOs). In 2021, nonfungible tokens (NFTs) dominated headlines.
By 2024, memecoins had become the latest obsession. But history suggests that every hype cycle ends in a spectacular implosion—often triggered by one major scandal.
In the world of crypto, these pivotal moments—dubbed black swan events—signal the end of unchecked speculation.
LIBRA’s collapse, which erased $4.4 billion in hours, could be that moment for the 2025 memecoin bull run. The scandal deepened when Milei continued to promote the token even after its fraudulent nature was widely exposed.
The broader memecoin market remains deeply polarizing. While supporters argue that these tokens bring new users into crypto, critics see them as little more than gambling schemes that siphon liquidity from the broader market.
If LIBRA is indeed the black swan event of the current cycle, it may signal a reckoning for the memecoin space—one that could reshape the market moving forward.
Prashant Jha is a seasoned crypto journalist based in Delhi, India, with a Bachelor’s Degree in Computer Science Engineering. Passionate about the evolving world of blockchain and cryptocurrencies, he has been a dedicated voice in the industry since 2018. Prashant’s expertise lies in regulatory reporting, where he unravels complex legal and financial developments with clarity and precision. Before joining CCN in 2024, he honed his craft at Cointelegraph, establishing himself as a trusted name in crypto journalism.
His coverage spans major industry events, including the high-profile collapses of FTX, Three Arrows Capital (3AC), and LUNA, offering readers insightful analyses of their regulatory and market implications. Prashant’s technical background enables him to bridge the gap between intricate blockchain technology and its real-world applications, making his work accessible to novices and experts.
Beyond his professional pursuits, Prashant is an avid music enthusiast, often exploring diverse genres to unwind. A sports lover, he has a particular passion for cricket and frequently engages in discussions about the game. His multifaceted interests and sharp journalistic instincts make him a valuable contributor to CCN, where he continues shaping the crypto landscape's narrative.
