The old scandal has not yet subsided, Hayden Davis - the mastermind behind LIBRA - continues to be embroiled in a new scandal.
"Rug Pull King" Hayden Davis rug pulls a new memecoin. Image: TheHolyCoin
"Rug Pull King" returns with a new memecoin
Hayden Davis, CEO of Kelsier Ventures - the director of the entire LIBRA scandal, continues to be accused of being behind the collapse of the WOLF memecoin, causing the market to lose nearly $40 million.
WOLF, fully named WOLF of Wall St, is a memecoin inspired by the legendary stockbroker Jordan Belfort.
Initially, the X @wallstreetbets account promoted WOLF. The development team then used multiple wallets to "snipe" this token, meaning they bought a large amount from the start to manipulate the price. WOLF quickly reached a market capitalization of $40 million before collapsing 99%, currently only around $508,000. Bubblemaps discovered 82% of the total token supply was controlled by a group of interconnected wallets.
Price fluctuations of WOLF on the 1h chart, screenshot taken from Tradingview at 10:55 AM on 17/03/2025
Data from the platform also shows that WOLF has the same trading pattern as HOOD, a token previously launched by Hayden, further strengthening the suspicion that he is the mastermind.
5/ The bubble map revealed something strange—$WOLF had the same pattern as $HOOD, a token launched by Hayden Davis
— Bubblemaps (@bubblemaps) March 15, 2025
Was he behind this one too?https://t.co/fMFtXKXuvjhttps://t.co/voyEQlokOa pic.twitter.com/Fgd5wat5qw
The origin of WOLF can be traced back to the same wallet that Davis used to launch LIBRA and the memecoin of First Lady Melania Trump.
2/ In collaboration with Coffeezilla, we exposed Hayden Davis as the mind behind LIBRA, MELANIA, and other tokens
— Bubblemaps (@bubblemaps) March 15, 2025
We thought his days of launching tokens were over
But we were wronghttps://t.co/3yUIVwVwFH
The platform asks: "Why did Hayden do this? Perhaps he thought no one could trace it back to him."
"Starting from the address 6MsuHd, we followed the money trail through 17 wallets and 5 cross-chain transactions, all leading back to the address OxcEAe... - which is Hayden Davis' wallet!"
6/ Starting with the $WOLF creator 6MsuHd, we followed funding transfers back across 17 addresses and 5 cross-chain transfers.
— Bubblemaps (@bubblemaps) March 15, 2025
All led to a single address: OxcEAe
The same one owned by Hayden Davis! pic.twitter.com/9h4iRnd7nM
WOLF was launched just a few days before Fortune reported that an Argentine prosecutor had requested a Red Notice from Interpol for Hayden Davis. This order is to notify Interpol member countries that Argentina has issued a valid arrest warrant for Davis.
The Wolf of Wall Street, who has previously been charged with money laundering and securities fraud, has repeatedly stated that creators of memecoins "should go to jail".
Scandal shakes Argentina
The LIBRA scandal was not only one of the most shocking rug pulls in crypto history, but also a major political scandal in Argentina due to the involvement of President Javier Milei.
On 15/02/2025, Milei personally promoted LIBRA, causing the token's market capitalization to explode to $4.5 billion in just a few hours. However, the "LIBRA fever" quickly turned into a nightmare as the token price plummeted, wiping out hundreds of millions of dollars from investors.
At this critical moment, the entities behind it siphoned off more than $100 million from LIBRA's liquidity, pushing thousands of retail investors into heavy losses.
Amid the wave of outrage, President Milei hastily shed all responsibility, claiming he only shared information and did not promote LIBRA. Not stopping there, Milei also claimed that most of the losing investors were Chinese and American, hoping to reduce domestic public pressure. The incident also sparked fierce debates in the Argentine Congress, even leading to clashes between opposing factions.
According to Nansen's statistics, 86% of LIBRA investors lost more than $1,000, totaling $250 million in losses. Not to mention the broader Solana ecosystem and the cryptocurrency industry as a whole, which suffered heavy losses in value and reputation since then.
In this context, the U.S. Securities and Exchange Commission (SEC) also spoke out about memecoins. The agency stated that memecoins are not under their jurisdiction as they are not considered securities. However, the SEC still warned buyers and holders of memecoins that they are not protected by federal securities laws and face a high risk of fraud.
In reality, despite the scandal being exposed, President Javier Milei, Hayden Davis, or the parties involved such as the KIP Protocol have not yet faced legal liability. They have only been criticized on social media and in the media, which they can easily avoid by stopping the use of social media.
With the findings from Bubblemaps and the ongoing investigation, Hayden Davis and the memecoin projects associated with him still have many hidden issues.
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