Will the Bottomed Out Meme Coin Revive: $100 Million Buyback Plan from the Management! - Coin Bulletin

Hayden Davis, the project manager mentioned in the LIBRA token scandal, announced that he did not personally use the funds, and he will use all the income to reclaim and burn the token.

The LIBRA token, which was launched with the support of Argentine President Javier Milei but quickly experienced a major collapse, was initially created to provide financial support to small and medium-sized businesses.

Hayden Davis, in his statement, emphasized that he is responsible for ensuring the liquidity of the project and still has control over all fees and treasury funds related to the project. Davis, highlighting that he did not use these funds for his own benefit, announced that he will conduct a token buyback and burn process using the funds up to 100 million dollars to regain investors' trust.

Milei's withdrawal of support caused panic

According to Davis, the distancing of Argentine President Javier Milei from the project caused a major panic selling among token investors. Milei's deletion of posts related to LIBRA from his social media accounts led to the collapse of LIBRA token price by shaking investors' confidence in the project.

At the time Milei withdrew his support and made the announcement, the token's market value dropped from 4.5 billion dollars to 500 million dollars. The first wave of sales began with the spread of news that LIBRA executives were selling from the inside. Currently, the market value of the LIBRA token is approximately 350 million dollars.

Davis announced that he activated this new plan with the experts he consulted to save the token economy by stating that he did not want to transfer the funds to Milei's partners or the KIP team. However, investors continue to question whether this move will be enough to save the token's future.