The growing Libra scandal continues to draw attention, with the controversial memecoin project, promoted by Argentine President Javier Milei, now linked to fraudulent activities.
The project, which allegedly involved several crypto companies, has gained significant traction, with legal actions and political consequences now unfolding.
Legal Actions and Political Fallout
The company behind the memecoin, Kelsier Ventures, is now facing increasing scrutiny over its role in the controversy, which is causing ripples across both the financial and political landscapes.
On Monday, several prominent U.S. law firms, including Bruwick Law, announced their intentions to file class action lawsuits against Javier Milei.
The lawsuits claim that Milei and his associates were complicit in the launch and promotion of the fraudulent memecoin, which is believed to be part of a larger crypto scam worth several hundred million dollars.
In Argentina, the political opposition has raised concerns and is considering impeachment proceedings against Milei for his involvement in the scandal.
Also Read: Crypto Investor Secures $496K Profit in 40 Minutes After Selling 10.4 Million $LIBRA Tokens
The case is gaining momentum, and legal experts are closely monitoring how far the Libra scandal will reach. While the outcomes are uncertain, the developments signal that the situation is far from over.
Kelsier Ventures Under Fire
One company at the heart of this controversy is Kelsier Ventures, a U.S.-based firm that has been linked to both the Libra memecoin and Melania Trump’s recent memecoin ($MELANIA).
In a video interview aired on Monday, Kelsier Ventures CEO Hayden Davis attempted to downplay the significance of the scandal, describing memecoins as “risky investments” and pointing to the inherent conflict of interest in the sector.
Despite his defence, Davis’s connection to the MELANIA memecoin was confirmed by Bubblemaps, which identified links between the wallets used in both the $MELANIA and Libra projects.
This revelation has raised further questions about the role of Kelsier Ventures in launching these controversial tokens and their broader implications.
In addition to these revelations, sources have confirmed that Kelsier Ventures was also in the process of developing another memecoin on the Solana blockchain in collaboration with members of the Nigerian administration.
While it remains unclear if Nigerian President Bola Tinubu was directly involved, members of his team were reportedly engaged in the project discussions, which were said to be well advanced before the scandal broke.
Ben Chow Resigns Amid Controversy
The growing allegations tied to the LIBRA memecoin have also affected key players in the crypto space. Ben Chow, co-founder of Meteora, has resigned amid mounting pressure related to the scandal. Chow’s resignation was confirmed by Meow, the pseudonymous co-founder of both Meteora and Jupiter, in a post on X.
Chow’s departure highlights the ongoing turbulence in the crypto industry, as the Libra scandal continues to unravel. It also underscores the increasing scrutiny faced by crypto firms and their leadership in the wake of fraudulent activities.
The Libra scandal has become a defining moment for the crypto industry, raising significant questions about the integrity of memecoin projects and their links to political figures. As legal actions intensify and new revelations surface, it remains to be seen how far the scandal will reach and what consequences will follow for those involved.
Also Read: Crypto Lawyer Reveals $286 Million Lost By 74,000 Traders Amid LIBRA Token Collapse