PANews reported on July 26 that according to Argentine media Clarín, LIBRA project consultant Hayden Davis recently filed documents in a US court, recognizing LIBRA as a Meme token for the first time and denying that it is an investment project with a business plan. This contradicts President Javier Milei's claim that it "helps the Argentine economy." Davis' defense attorney admitted that Meme tokens "are not investments and have no intrinsic value, but unsecured, uncollateralized affinities and collectibles with extremely high market volatility." At the same time, another fund transaction was exposed. During Davis' meeting with Milei at the Presidential Palace on January 30 this year, his associated wallet transferred nearly $500,000 USDC to the centralized exchange Kraken, which was suspected to be related to the flow of project funds. Records also show that the purpose of the meeting held at the Presidential Palace on January 30 was to "analyze blockchain and decentralized technologies."

The case involves about $280 million in frozen assets. The New York court will hold a hearing on August 19 to examine whether Hayden Davis and his partners are suspected of manipulating LIBRA and profiting from it. Previously, during Hayden Davis' meeting with Javier Milei at the Presidential Palace on January 30 this year, his associated wallet transferred nearly 500,000 USDC to Kraken, which is suspected to be related to the project's capital flow.