Key Points:
- LIBRA’s team, led by Kelsier Ventures CEO Hayden Davis, was in talks with Nigerian officials for a similar project.
- U.S. and Nigerian authorities are scrutinizing the scandal, with Nigeria prosecuting multiple individuals for crypto-related fraud.
Kelsier Ventures, the company behind the controversial meme coin LIBRA, which was promoted by Argentine President Javier Milei, was reportedly in discussions with Nigerian authorities to develop a similar cryptocurrency project.
Read more: LIBRA Token Sparks Scam Suspicions After Being Promoted by Argentine President
Kelsier Ventures Continues Expansion Into Nigeria Despite Under Investigation
While no direct connection has been established between Nigerian President Bola Tinubu and LIBRA, reports suggest that his administration was engaged in discussions with the project’s team. However, the initiative now faces challenges amid fraud allegations linked to the LIBRA scandal.
Hayden Davis, CEO of Kelsier Ventures and a key figure in LIBRA’s market operations, served as the intermediary between the cryptocurrency’s developers and Nigerian officials. He claimed that he had received multiple offers to facilitate questionable financial dealings in the crypto sector.
Amid mounting scrutiny, Davis maintained that Kelsier Ventures retains control over LIBRA’s funds and denied any wrongdoing, attributing the project’s failure to an abrupt shift in stance by Milei’s administration.
Regulatory Concerns Threaten Future of LIBRA
The LIBRA scandal erupted after the token’s value collapsed by more than 90%, triggering fraud accusations. President Milei has denied any involvement, but opposition parties in Argentina are pushing for impeachment proceedings, alleging that he and his associates colluded with crypto firms in a scheme worth hundreds of millions of dollars.
In response to the fallout, Kelsier Ventures has proposed a $100 million buyback and token-burning initiative to stabilize LIBRA.
Meanwhile, Kelsier Ventures’s expansion into Nigeria faces obstacles, given the country’s strict stance on crypto-related fraud. According to OCCRP, Nigerian authorities recently prosecuted 53 individuals, including 40 Chinese nationals, on cyber fraud and identity theft charges.
In February 2024, just after a planned meeting with Nigeria’s financial compliance officials, Binance’s regional manager for Africa, Nadeem Anjarwalla, and the company’s head of financial crime compliance, Tigran Gambaryan, were arrested by the Nigerian government.
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