Outside Source
Portnoy said he did not get bad vibes from Hayden Davis and believes the young tech entrepreneur did not intentionally rug-pull investors.
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Barstool Sports founder Dave Portnoy recently disclosed that he returned 6 million Libra (LIBRA) tokens to the project’s founder, Hayden Davis, which he received as payment for agreeing to promote the project.
According to Portnoy, he returned the funds to Davis after the Libra founder told Portnoy not to disclose that the project compensated him for promoting the token on social media.
In a Feb. 16 X spaces, the Barstool Sports founder said he was given approximately 6 million to 6.5 million tokens as compensation but also purchased Libra tokens. Portnoy said that he told Davis:
“I can’t accept coins if you don’t fucking let me say you gave me coins, and I’m part of the project. So, I literally sent the coins back. This is all going on before any of this shit — before I knew this was a disaster.”
The Barstool Sports founder said he kept the Libra tokens he purchased, which subsequently plummeted in value, and maintained contact with Davis as the token was crashing.
Portnoy ultimately concluded that Davis likely did not intentionally rug-pull investors and that Argentine President Javier Milei may have unexpectedly backtracked on Davis during the launch — causing unforeseen complications.
The Libra token collapsed almost immediately following launch. Source: DexScreener
Related: KIP Protocol reveals involvement in Javier Milei-endorsed Libra rug pull
President Javier Milei now in the hot seat after botched token launch
Viva la Libertad was pitched as a project to funnel funds to small businesses and startups in Argentina and featured a crypto token called Libra (LIBRA).
President Javier Milei initially backed the token by promoting it in a now-deleted X post before the token’s price crashed by over 95% and wiped away roughly $107 million in liquidity.
Following Libra’s implosion and allegations of an insider rug-pull, Milei distanced himself from the project, claiming that he knew little about the initiative before promoting it on the internet.
Milei now faces the possibility of impeachment due to his online promotion and the ensuing collapse of Libra in an incident which political opponents have characterized as disgraceful to the South American country.
If opposition parties successfully mount a case for impeachment, the populist leader, elected to office in November 2023, could be forced to resign from his position.
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This article first appeared at Cointelegraph.com News
