Key Takeaways
- Hayden Davis has launched yet another meme coin called $WOLF despite facing an Interpol red notice for his previous attempts at fraud.
- The $WOLF coin is also an attempt at market manipulation and rug pull. The $WOLF tokens immediately rose to a market capitalization of $40 million before suddenly collapsing.
- Hayden Davis was notorious for earlier attempts at fraud. He was the main figure behind the $LIBRA and $MELANIA tokens, which failed drastically after the initial hype.
Despite facing arrest warrants from Interpol for his alleged role behind $LIBRA and $MELANIA, two meme coins that failed prematurely, Hayden Davis has launched yet another meme coin. The new coin, named $WOLF, is also an attempt at market manipulation and rug pull; market analysts doubt its veracity. The $WOLF tokens immediately rose to a market capitalization of $40 million before suddenly collapsing to an all-time low. This is suspected to be due to an immediate rug pull by the major stakeholders.
It has been found that 82% of the total supply of $WOLF tokens is in the hands of a small number of wallets. The chances are high for an insider manipulation to have happened, which would have resulted in the failure of these tokens, too.
Hayden Davis initially concealed his involvement in creating $WOLF tokens. However, a joint investigation by the blockchain data analytics company Bubblemaps and the American YouTuber and cryptocurrency journalist Coffeezilla exposed his role and involvement in the making of $WOLF tokens.
$WOLF token is yet another scam designed to defraud unsuspecting cryptocurrency traders and investors. The existence of such tokens stresses the need for investors to conduct adequate investigation and analysis before investing in newly launched tokens. These tokens again confirm the public perception of cryptocurrencies as fraudulent and unreliable monetary assets.
The Case Against Hayden Davis
The 28-year-old self-proclaimed LinkedIn hustling expert Hayden Davis has become a notorious figure in the cryptocurrency industry for orchestrating one of the biggest crypto scams in history. The fraud had resulted in the collapse of cryptocurrencies worth $1 billion. He was the main figure behind the $LIBRA and $MELANIA tokens, which failed drastically after an initial hype.
Hayden had hailed $LIBRA tokens as a means to help uplift Argentina’s economy. The tokens were also endorsed by Argentina’s president, Javier Milei. With the sudden fall of the token in the market, Javier Milei’s political future also came at stake. The overnight crash of the tokens led to a loss worth $250 million, leaving thousands of investors in the dark.
Hayden Davis was also the mastermind behind the $TRUMP and $MELANIA tokens that were launched to capitalize on the success of Donald Trump in the US presidential elections. The tokens launched days before Trump’s ascension were hugely hyped initially, only to fall within a few days of their launch.
Following the collapse of the $LIBRA token, an Argentine attorney, Gregorio Dalbon, requested an Interpol investigation against Hayden Davis. Hayden is under the scanner of various investigation agencies worldwide. Despite that, he is continuing his fraudulent pursuits through new coin launches such as the $WOLF token.
The case is important in light of the US Securities and Exchange Commission’s (SEC) declaration of meme coins as non-security. However, the SEC had asked investors to be vigilant in their interactions with the meme coin market to avoid falling prey to fraud.
How Did Hayden Davis Orchestrate The Crime?
Hayden Davis is thought to have channeled his business through his family’s cryptocurrency trading firm, Kelsier Ventures. The firm is known for its shady dealings. Kelsier Ventures had invested in many early-stage cryptocurrency projects in multiple exchanges. The firm was related to investments in Meteora, the crypto exchange that launched both $LIBRA and $MELANIA tokens.
Hayden Davis also made close ties with Javier Milei, the president of Argentina, who hailed Hayden as his advisor on blockchain and AI. The fall of the $LIBRA tokens also brought Milei under the scanner, with opposition parties demanding his resignation and an investigation against him.
According to Bubblemaps, Hayden would have funded the wallets months before $LIBRA and $WOLF launched to move the money people would invest in these tokens following the hype. He wouldn’t have expected anyone to trace the trajectory of his dealings, making it easy for him to get away with the money. This could also be the reason behind the launch of $WOLF tokens under a pseudonym.
The Bottom Line
The whole episode of frauds orchestrated by Hayden Davis, including the launch of $WOLF token amidst the Interpol red notice against him, stresses the need for caution on the part of investors before investing in meme coins merely based on the market hype. As the US SEC warns, meme coins do not come under the regulatory scanner as they are not a security, and meme coin holders and purchasers will not be secured under federal laws. So, investors must exercise utmost caution while investing in meme coins.