- Dave Portnoy got a $5M refund on his LIBRA losses, while most investors were left with nothing.
- LIBRA’s market cap hit $4B before crashing over 90%, following liquidity pulls and Milei’s sudden exit.
- Hayden Davis admitted to insider trading and controlling $100M, promising to reinvest it—but investors remain skeptical.
The LIBRA token meltdown just got even messier. While thousands of investors took heavy losses, one big player got his money back—and fast.
Barstool Sports founder Dave Portnoy, who lost over $5 million after diving into LIBRA minutes after launch, has now been fully compensated for his losses. But for regular investors? No such luck.
Portnoy’s $5 Million Refund—Insider Perks?
Portnoy bought 29,000 SOL worth of LIBRA (~$5.77M) at $2.51 per token, only to watch its value collapse almost instantly after Argentine President Javier Milei pulled his support.
“For the record, I could care less that people know Hayden paid me back,” Portnoy posted on X, referring to Hayden Davis (aka Kelsier Ventures), a key figure in the project.
Not long after his loss, two payments totaling $5M USDC hit his wallet. At the same time? He dumped the rest of his LIBRA holdings.
Meanwhile, Davis admitted to handing out 6M LIBRA to Portnoy for promotion, though Portnoy claims he returned the tokens.
LIBRA’s Rise & Fall—A $4B Pump-and-Dump?
LIBRA launched on February 14 with Javier Milei’s backing, promising to boost Argentina’s economy. FOMO kicked in—its market cap soared past $4B.
Then? Red flags.
- Reports surfaced that $87M in liquidity was being pulled
- Milei suddenly distanced himself, saying he had “no real involvement”
- LIBRA collapsed over 90% as investors rushed to exit
By the time the dust settled, LIBRA was wrecked—but Davis still controlled a $100M war chest.
Was It a Scam or Just “Bad Strategy”?
In an interview with Coffeezilla, Davis insisted it wasn’t a rug pull—just a complex strategy gone wrong.
“We removed liquidity to prevent whales from dumping,” Davis claimed.
He also admitted to insider trading profits of $6M, but said the money was meant to support the project. Now, he promises to reinject $100M into the market within 48 hours—but whether that actually helps investors is another story.
Meanwhile:
- Milei faces impeachment & fraud allegations
- Davis is linked to the MELANIA token scandal
- LIBRA investors? Still waiting to be made whole.
For now, one thing’s clear—Portnoy got paid. The rest? Not so much.
