BUENOS AIRES / LONDON (IT BOLTWISE) – In one of Latin America’s biggest crypto scandals, the Argentine judiciary has imposed a comprehensive asset freeze on US promoter Hayden Davis and two suspected middlemen. This measure is intended to prevent assets that may have resulted from fraud from being transferred. The scandal surrounding the Libra token, which saw a rapid rise and subsequent crash after a brief promotion by Argentine President Javier Milei, has already damaged numerous investors.
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In a remarkable move, the Argentine federal judiciary has ordered a comprehensive freeze on the assets of Hayden Davis, a US promoter, and two suspected middlemen. This measure affects digital wallets, bank accounts and properties belonging to Davis, Argentine operator Orlando Rodolfo Mellino and Colombian trader Favio Camilo Rodríguez Blanco. The decision was made by Judge Marcelo Martínez de Giorgi and aims to prevent the relocation of assets that may come from fraud.
The scandal centers on the Libra token, a so-called memecoin that gained popularity in February after Argentine President Javier Milei introduced Davis as a blockchain and AI consultant in a social media post. Within hours, the token soared, only to crash, wiping out about $250 million from over 40,000 retail investors. Davis, who also promoted other meme-based tokens, is seen as a central figure in this scheme.
The Argentina investigation has drawn international attention because Davis’ crypto transfers allegedly coincided with high-level political meetings. Court documents describe how middlemen converted tokens into cash when Davis met Milei at Casa Rosada. These developments have sparked the so-called “Cryptogate” controversy, which is making headlines in the Argentine media.
The coordinated actions in Buenos Aires and New York represent a rare case of courts on two continents targeting the same blockchain-based assets. For regulators, the Libra scandal highlights how closely cross-border enforcement and political entanglements are tied to crypto investigations. Despite being entangled in the scandal, Milei’s La Libertad Avanza party won the midterm elections and positioned the president as the leading candidate for the October 2027 presidential election.
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