Coffezilla Exposes LIBRA Founder’s Token Sniping Confession

Coffeezilla (Stephen Findeisen) interviewed Hayden Devis, CEO of Kelsier Ventures, who is the main person behind LIBRA’s launch.

During the one-hour conversation, Devis admitted that the team sniped the token and added that it’s not unusual for memecoin drops.

Sniping is a form of trading where people take advantage of early access and buy large amounts of tokens before they are actively trading. This practice is also used by insider traders, raising concerns over price manipulation and fair token distribution.

However, Devis suggested that people complaining are just upset because they weren’t able to get into the deals. He mentioned that there are expert snipers in the market who target new tokens, so the team decided to collect enough tokens to either push out other snipers or control them.

When President Milei posted about LIBRA on X, the price spiked, but then it fell. Milei later removed the post due to criticism and political pressure. Devis says he doesn’t know exactly what happened, but if Milei had posted again, the price might have risen, as the team intended to bring capital back in.

“It’s not a rug. It’s a plan that has gone miserably wrong,” Devis said, adding that $100 million is sitting in his account as a custodian, and he doesn’t know what to do with it.

In response to Coffeezilla’s argument that there was unfair value extraction, Devis stated that the token isn’t dead yet and clarified that LIBRA isn’t an official memecoin.

Devis Dismisses Insider Trading Claims: Memecoin Market Is Like a Casino

A bold statement by Hayden is that every memecoin he knows or has invested in involves insider trading. According to him, it’s normal for the people who benefit the most to be the ones who structure the deal.

When Coffeezilla pointed out that it would be considered illegal in public markets, Devis responded by saying that memecoins are different. “Every memecoin deal works like this. That’s the game for everyone,” Devis explained. In his words:

All the bitching on socials is all the people that don’t get into the deals. You’ll never hear them bitch if they’re in on the deal.

Meanwhile, the host noted that making a deal is different from using insider knowledge to buy millions of tokens in trading. Another major statement from Devis is that he treats the memecoin market like a casino, as that's essentially what it is.

Coffeezilla, on the other hand, pointed out that casinos are regulated and believes the same should apply to memecoins:

I think memecoins are stupid but even if you want to engage in stupid things it should be fair.

– he stated.  

Devis’s Connection to MELANIA Memecoin 

During the interview, Hayden confirmed that he was also part of the launch of the MELANIA memecoin, which also experienced a sharp decline after the launch. He added that the team didn’t make money from the project.

Before the interview, blockchain data platform Bubblemaps, together with Coffeezilla, investigated LIBRA and found that an address connected to LIBRA sent profits to a MELANIA-linked wallet and cashed out $87 million.

The post suggested that Devis may be connected to other memecoins like $HOOD and $TRUST, but he denied those claims during the interview.

Coffeezilla’s interview with Devis shows two different perspectives on the market, emphasizing that investors need to be cautious with their decisions and look deeper into a project to understand how everything works.

Meanwhile, Javier Milei is facing impeachment calls and legal action for fraud. On Feb 16, the presidential office announced that Milei is committed to clarifying the incident and has created an Investigation Task Unit to investigate LIBRA’s launch and the parties involved.

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