Kelsier CEO Hayden Davis, creator of the LIBRA memecoin, has revealed that he also launched the MELANIA memecoin and sniped both tokens as soon as their contracts went live. LIBRA, which received support from Argentina's President Javier Milei before he backtracked on the project, suffered a 95% drop in value. Davis claimed that the failure was not a rug pull, but rather a plan gone wrong with $100 million sitting in his custody. He admitted involvement in the MELANIA memecoin linked to Melania Trump but denied profiting from it. Davis sent a $5 million refund to Barstool Sports founder Dave Portnoy, who lost money on LIBRA. The controversy has raised concerns of insider trading. CoinDesk reached out to both Davis and Portnoy for comment.



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