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OVERVIEW

$LIBRA: Sniped, Drained, and Disgraced, “This Is SBF Level Man” 🚨

Before we dive in, here’s today’s crypto market heatmap:

Source: Santiment

Yup. Luigi is there again. No word from Santiment yet on why that’s there. 🤣 

And here’s a look at crypto’s total market and altcoin market cap charts:

Source: TradingView

NEWS
WTF Happened During President’s Day Weekend?! 🤔 

This is probably the longest Litepaper I’ve ever worked on, so let’s get right into what happened with a memecoin called LIBRA and the subsequent fallout. ☢️ 

• February 14th, 2025. A romantic day for $LIBRA, if you like heartbreak. Argentine President Javier Milei gave the Solana-based memecoin a shout-out, calling it a “private initiative” to help save the economy by funding small businesses.

• It soared to a $4.5 billion market cap in no time. Then it did what most overhyped tokens do—it collapsed, losing 90% within hours.

• Turns out a lucky few pocketed around $87.4 million right after the launch. Investigators call it a potential “rug pull.”

• They’re dubbing it “Libragate.” Milei faces a wave of lawsuits, plus a handful of angry opposition politicians itching to impeach him for alleged crypto fraud.

• By late Monday (February 17) and into Tuesday (February 18), the focus on who is the bad man has shifted.

It’s quickly turning out that the Milei controversy is quickly turning into a nothing-burger and not the hoped for wet-dream-mega-fraud conspiracy Milei’s opponents hoped for.

So far.

Someone else’s name is getting more and more attention: Hayden Davis. 👇️ 

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NEWS
Who Is Hayden Davis/KelsierVentures? 🎭️

Hayden Davis a.k.a. KelsierVentures

Hayden Davis, aka Kelsier, keeps showing up in these memecoin scandals like that one buddy who always has “a big new idea let’s talk over dinner” but somehow never covers the dinner bill. 🥄 

I went through three separate interviews concerning Davis: the Dave Portnoy interview, the Coffeezilla interview, and the Holy Hand Grenade Of Antioch releases from DeFi Tuna’s co-founder, CavemanDhirk (read below).

Each time he’s either the noble do-gooder, the unwitting scapegoat, or the ringleader of an alleged heist. Let’s unpack the key points from all these interviews. 🔑 

1. The Perpetual “Victim”

He’s forever insisting that everything was going great—until it wasn’t. First, he blames snipers and whales. Then, it’s missing promotional tweets or political pressure. In the Coffeezilla interview, he refers to a plan “gone miserably wrong” rather than a rugpull. But he’s got $100 million of “limbo” money that suggests otherwise.

2. Insider Trading Accusations

The CavemanDhirk video slaps him with allegations of preloading tokens, rigging launches, and feeding insider info to an entire ring of wallet-snipers. Coffeezilla also grills him on “project wallets” that conveniently front-ran public launches. ‘

Hayden’s big defense? Everybody does it. Sounds like a motto for the truly virtuous. 👼 

3. Liquidity Shenanigans

From Libra to Melania Token, folks keep pointing fingers his way, claiming he orchestrates how liquidity is added or withheld—and that’s the key to these insane price swings. He claims to Portnoy that some outside entity told him not to reinvest liquidity. 

Then in the CavemanDhirk video, it’s alleged he had the entire pool under his thumb. Coffeezilla points out he (Davis) personally refunded at least one major insider (Dave Portnoy) after a loss, making everyone else wonder why they didn’t get the same courtesy.

4. The High-Profile Name-Dropping

He tosses around names like Melei, Dave Portnoy, politicians, maybe even a cameo by Melania. Alleged deals, promotional tweets, and hush-hush dinners figure prominently. He claims they all turned on him at the worst possible moment.

They might say the same about him. 🦜 

5. Playing in an “Unregulated Casino”

By his own admission (especially in the Coffeezilla chat), the meme coin scene is basically a free-for-all. He shrugs that it’s normal for insiders to dominate. That’s how traditional markets work too, right?

Sure, if you’re Val Kilmer as Doc Holiday and the “traditional market” is in a saloon with loaded dice.

6. $100 Million in “Limbo”

The Coffeezilla interview zeroes in on that awkward chunk of cash. Hayden says it’s not his money, but he’s got it. Does he refund retail, donate to charity, or funnel it back into the chart? Coffeezilla advises a third-party custodian to avoid more drama. Hayden apparently hasn’t decided.

Meanwhile, retail investors/traders remain as enlightened as mushrooms—kept in the dark and fed questionable fertilizer. Also known as bullshit. 💩 

7. Contradictions & Backlash

He claims to be receiving threats (Portnoy and Coffeezilla). That’s presumably from people who want their money back. He calls himself a scapegoat; others call him a mastermind. Either way, he’s the consistent character at the center of these fiascos.

If he’s truly being set up, it’s happening a lot.

I don’t know, maybe get a real job or do something else because clearly he sucks at this one. 🤦‍♂️ 

In Short

Hayden’s story keeps bouncing between “I was protecting the project from evil snipers” and “I might’ve just minted a bunch of tokens before anyone else.”

The scale of alleged damage goes up to $200–300 million in one case, just $100 million in another.

No one disputes that he’s knee-deep in the largest Solana-based insider scandal folks have seen (well, so far). Whether he’s an unlucky scapegoat or a cunning orchestrator is up for debate.

We’ll keep you updated as things develop. 🐐 

MEMECOINS
Exposing the Alleged $200M+ Memecoin Extraction: A Deeper Dive 🥷 

Below is a rundown of a post from SolanaFloor that exposes an alleged $200+ million con orchestrated by Hayden Davis and two other big wigs in the Solana ecosystem. 😱 

Solana Floor’s X

• Speaker A: CavemanDhirk – Founder of Defi Tuna

• Speaker B: Ben Chow – Co-founder of the Solana DEX Meteora

Summary / TL;DR

• Hayden Mark Davis (aka Kelsier) and associates engaged in insider trading, preloading wallets with tokens before launch.

• Defi Tuna’s co-founder, Vlad, was unknowingly pulled into liquidity provision for these shady deals.

• Melania Token was an orchestrated rug pull worth $200M–$300M, controlled entirely by Hayden.

• Ben Chow (Meteora) denies involvement but admits to making connections and assisting with technical issues.

• CavemanDhirk saw the scam unfold in real-time, including an Enron token launch where insiders openly sniped.

• CavemanDhirk severed all ties, warned key industry players, and considered stepping down.

• Both parties agree this is one of the largest Solana-based insider scandals to date. 📆 

Introduction and Background

• CavemanDhirk explains he is jetlagged after 17 hours without sleep.

• Defi Tuna was building a protocol that attracted significant investment interest.

• Among the interested parties were Hayden Mark Davis (also known as Kelsier), Dr. Tom, and Gideon.

• Due to ticket size constraints, they could only accept a $30K investment from them.

• Shortly after investing, the group began requesting assistance with liquidity provision.

• Vlad (Defi Tuna’s co-founder) was an experienced liquidity provider and was asked to assist.

Liquidity Provision & Initial Concerns

• Vlad had worked on major liquidity pools and was well-versed in market making.

• Over time, CavemanDhirk noticed strange behavior surrounding token launches:

  • Hayden (Kelsier) appeared to have insider knowledge about token listings before launch.

  • Wallets associated with Hayden consistently sniped new tokens.

  • Melania Token launch: Hayden somehow knew about the ticker in advance, had 1% of the supply, and was pushing Vlad to provide liquidity immediately. 📌 

Suspicions of Insider Trading Grow

• Patterns emerged:

  • The same wallets that sniped Melania were also sniping other consecutive launches.

  • This strongly suggested a coordinated insider trading ring.

• Ben Chow (Meteora) reacts with shock:

  • Initially unaware of the situation.

  • Acknowledges being involved in Melania’s launch but denies involvement in other token launches.

  • Claims he was just helping with technical issues and liquidity provision.

Direct Involvement of Meteora & Growing Ties

• Vlad was given Melania tokens directly from the mint address, implying treasury involvement.

• Ben denies knowledge of any such arrangement.

• CavemanDhirk expresses deep concerns over the scale of the operation, citing numbers as high as $100M in liquidity movements. 🌊 

The Barcelona Meeting & Further Revelations

• CavemanDhirk was invited to Barcelona for a meeting with Dr. Tom and Hayden (Kelsier).

• During this meeting, he discovered:

  • They had exclusivity agreements with major figures, including Conor McGregor and Portnoy.

  • They were involved in multiple token launches.

  • They sought continued cooperation with Vlad for liquidity provision.

• CavemanDhirk voiced concerns about the legitimacy of their activities.

The Enron Token Launch – Confirmed Insider Trading

• While in Barcelona, CavemanDhirk personally witnessed Hayden, Dr. Tom, Gideon, and others sniping tokens at a dinner table.

• Multiple insiders had pre-loaded contract addresses and were front-running the public launch.

• Ben Chow reacts in shock:

  • Denies any involvement with the Enron token.

  • Claims he initially introduced Enron to a market-making team but quickly backed away upon seeing their tokenomics.

  • Acknowledges that Hayden later took over the project.

• CavemanDhirk states that sniping was widespread and systemic, not just among a few individuals. 🔫 

The Melania Token Rug – The Breaking Point

• Hayden and associates allegedly extracted $200M–$300M from Melania Token.

• CavemanDhirk realized at that moment that Hayden had full control over the entire operation.

• He describes this as an FTX-level scam involving multiple high-profile individuals.

Fallout & Realization of a Major Scam

• Ben Chow (Meteora) expresses devastation:

  • Claims he was completely unaware of the full extent of the rug pull.

  • Compares the scale of the scam to Sam Bankman-Fried (SBF) and FTX.

• CavemanDhirk admits he enabled Hayden and regrets trusting him.

• The scam had wide-reaching effects, impacting major investors and setting a dangerous precedent.

Final Thoughts & Next Steps

• CavemanDhirk contemplates stepping down from Defi Tuna, saying he feels “burned.”

• Ben Chow remains in shock, stating he was “totally rugged.”

• The operation was larger than anticipated, involving influencers, insiders, and entire investment networks.

• CavemanDhirk reaffirms that his priority is transparency and ensuring people are held accountable.

• Ben Chow states he needs time to process everything and determine his next steps. 👟 

SOLANA
More Suck For Solana Coming Up? 🥹 

As if Solana hasn’t had enough bad press lately, now it gets a nice dose of probable sell pressure to go with it. 🤦 

SOLUSD Daily Chart – Click to enlarge.

Mark your calendars, Solana holders—March 1, 2025, is shaping up to be a disaster. That’s the day 11.2 million SOL tokens (worth over $1.8 billion) will unlock and potentially flood the market. 🌊 

A $1.8 Billion Problem 😱 

• These tokens come from the FTX bankruptcy pile, where locked SOL held by FTX and Alameda Research is slowly being released.

• These aren’t just some airdropped freebies—these are coins owned by liquidators and creditors, many of whom will sell immediately to recover funds.

• More tokens hitting the market = potential downward pressure on price.

This isn’t the same as Galaxy Digital and Pantera Capital’s SOL—those firms bought 41 million SOL in auctions last year and are stuck with a four-year lockup, so 2027ish.

The March 2025 unlock? That’s a separate time bomb. 💣️ 

So What Happens Next? 🤔 

Here’s the most likely outcome:

1. Volatility spikes. The mere anticipation of a $2 billion unlock could send traders into panic mode.

2. Short-term sell pressure. Some of these newly unlocked tokens will immediately hit exchanges.

3. Solana’s price takes a hit—unless demand soaks it up. If institutional buyers are waiting to buy the dip, SOL might bounce. Otherwise, brace for impact.

For long-term believers, this might be just another “buy the dip” moment—but for those looking for quick gains, March 1, 2025, might be the day Solana takes another gut punch. 🥊 

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