"LIBRA Co-Creator Admits 'Sniping' in Token Launch, Market Cap Plunges 95%

Hayden Davis, a co-creator of the controversial memecoin LIBRA, has not denied allegations that wallets linked to the project engaged in "sniping" during the token's launch. In crypto trading, sniping involves using automated tools to buy newly launched coins ahead of larger transactions or the entry of retail traders, aiming to profit from anticipated price increases.

In a recent interview on the voidzilla YouTube channel, Davis acknowledged that LIBRA had a separate treasury dedicated to purchasing the token and potentially front-running other investors. He stated, "That money that we consider 'niping' is the project's money." Davis explained that memecoin projects often engage in sniping to deter others from getting in early and to increase the chances of survival by inflating the market cap.

LIBRA, initially backed by Argentine President Javier Milei, experienced a rapid surge in market cap to over $4 billion on launch day, only to lose more than 95% of its value on the same day. Milei has since distanced himself from the crypto asset, and the project's team, including Davis, faces accusations of rug-pulling and insider trading. However, Davis maintains that LIBRA is a "plan gone miserably wrong" and that the team still holds $100 million worth of the project's money.