- Dave Portnoy received a $5M refund on his LIBRA losses, whereas most traders have been left with nothing.
- LIBRA’s market cap hit $4B earlier than crashing over 90%, following liquidity pulls and Milei’s sudden exit.
- Hayden Davis admitted to insider buying and selling and controlling $100M, promising to reinvest it—however traders stay skeptical.
The LIBRA token meltdown simply received even messier. Whereas hundreds of traders took heavy losses, one huge participant received his a reimbursement—and quick.
Barstool Sports activities founder Dave Portnoy, who misplaced over $5 million after diving into LIBRA minutes after launch, has now been totally compensated for his losses. However for normal traders? No such luck.
Portnoy’s $5 Million Refund—Insider Perks?
Portnoy purchased 29,000 SOL value of LIBRA (~$5.77M) at $2.51 per token, solely to look at its worth collapse virtually immediately after Argentine President Javier Milei pulled his assist.
“For the document, I may care much less that individuals know Hayden paid me again,” Portnoy posted on X, referring to Hayden Davis (aka Kelsier Ventures), a key determine within the undertaking.
Not lengthy after his loss, two funds totaling $5M USDC hit his pockets. On the similar time? He dumped the remainder of his LIBRA holdings.
In the meantime, Davis admitted to handing out 6M LIBRA to Portnoy for promotion, although Portnoy claims he returned the tokens.
LIBRA’s Rise & Fall—A $4B Pump-and-Dump?
LIBRA launched on February 14 with Javier Milei’s backing, promising to spice up Argentina’s financial system. FOMO kicked in—its market cap soared previous $4B.
Then? Purple flags.
- Reviews surfaced that $87M in liquidity was being pulled
- Milei abruptly distanced himself, saying he had “no actual involvement”
- LIBRA collapsed over 90% as traders rushed to exit
By the point the mud settled, LIBRA was wrecked—however Davis nonetheless managed a $100M warfare chest.
Was It a Rip-off or Simply “Unhealthy Technique”?
In an interview with Coffeezilla, Davis insisted it wasn’t a rug pull—only a advanced technique gone unsuitable.
“We eliminated liquidity to stop whales from dumping,” Davis claimed.
He additionally admitted to insider buying and selling income of $6M, however mentioned the cash was meant to assist the undertaking. Now, he guarantees to reinject $100M into the market inside 48 hours—however whether or not that truly helps traders is one other story.
In the meantime:
- Milei faces impeachment & fraud allegations
- Davis is linked to the MELANIA token scandal
- LIBRA traders? Nonetheless ready to be made entire.
For now, one factor’s clear—Portnoy received paid. The remaining? Not a lot.