The man behind the controversial LIBRA token, Hayden Davis, reportedly launched another memecoin that swiftly plummeted in value, even as Argentina seeks his arrest for his involvement in a scheme that ensnared the country's president, Javier Milei.
Davis was allegedly behind the launch of WOLF of Wall St (WOLF), a token referencing former stockbroker Jordan Belfort, who was rumored to be considering launching a memecoin styled after himself, despite his previous statements arguing memecoin creators "should go to jail."
WOLF quickly rocketed to a market cap of nearly $43 million on March 8 before crashing 99% to its current value of about $530,000, according to DexScreener. The token was promoted by the X account @wallstreetbets, styled after the subreddit known for its "meme stock" trades.
Blockchain data platform Bubblemaps claimed to trace the WOLF memecoin's origins to the same wallet Davis had used to launch other tokens, including LIBRA and the Official Melania Meme token. "Starting with the $WOLF creator 6MsuHd, we followed funding transfers back across 17 addresses and 5 cross-chain transfers," Bubblemaps wrote on X. "All led to a single address: OxcEAe...The same one owned by Hayden Davis!"
The memecoin launched just days before Fortune reported on March 13 that an Argentine prosecutor requested a judge issue an Interpol Red Notice for Davis, a formal alert to Interpol's member countries that a valid national arrest warrant has been issued for a certain individual. Argentinian president Javier Milei's involvement with the LIBRA token has become a major scandal in Argentina, referred to as "Cryptogate" or "Libragate," and has led to brawls between rival parties in the country's parliament.
"Why would Hayden do this? Maybe he thought no one would trace it back to him," Bubblemaps wrote. "He funded these wallets months before $LIBRA and $WOLF launched, moving money through 17 addresses and 2 chains."
The U.S. Securities and Exchange Commission (SEC) recently disclosed that memecoins do not fall under its jurisdiction as they can't be considered securities, but still warned of fraud related to the tokens. "...Neither meme coin purchasers nor holders are protected by the federal securities laws," the agency's statement said.
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