EXCLUSIVE: Libra memecoin team plotted Nigerian expansion

17.02.2025
EXCLUSIVE: Libra memecoin team plotted Nigerian expansion
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The company behind the fraudulent memecoin promoted by Argentine President Javier Milei was developing a similar project with the Nigerian authorities. However, the Libra scandal means that this project is unlikely to come to fruition.

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How far will the Libra scandal go?

While it's still too early to tell, the case of the fraudulent memecoin promoted by Argentine president Javier Milei continues to gain momentum.

On Monday, several US law firms, including Bruwick Law, announced that they intend to launch class action lawsuits against the Argentine president. The opposition, for its part, is considering impeachment proceedings, accusing Javier Milei and his entourage of having been accomplices to several crypto companies in a scandal worth several hundred million dollars.

One of these companies, the American Kelsier Ventures, is particularly in the news.

In a video interview broadcast this Monday, Kelsier Ventures CEO Hayden Davis tried to play down the affair, explaining that the mememecoins are risky investments by nature and that there was "a lot of conflict of interest" in the sector.

The young American entrepreneur, who said he wanted to "find a solution for investors", also revealed that he had collaborated on Melania Trump's recent memecoin ($MELANIA). A connection confirmed by Bubblemaps, which identified links between the wallets of the MELANIA AND Libra projects.

These revelations have prompted a great deal of comment, particularly on the background to the memecoin launched by Donald Trump. Was it too piloted by Kelsier Ventures and some of its partners? For the moment there is nothing to make the connection.

Meanwhile, the story doesn't end there: according to our information, Kelsier Ventures was also preparing a memecoin on the Solana blockchain with members of the Nigerian administration.

While it cannot be said that the Nigerian president, Bola Tinubu, was directly involved, the exchanges did involve members of his team.

"The project was well advanced," confided a source close to the matter. The Big Whale was unable to reach the Nigerian presidency.

Also according to our information, other states have been approached about launching memecoins.

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Raphaël Bloch

Raphaël Bloch is CEO and co-founder of The Big Whale, an independent market intelligence platform on digital assets serving financial market participants through editorial coverage, research, a weekly briefing, and in-person events. He co-founded The Big Whale in April 2022. At the platform, he moderates and hosts institutional events bringing together banks, asset managers, custodians, and infrastructure providers on topics including staking, on-chain yield, stablecoins, DeFi lending, and tokenisation. He has moderated panels at events hosted in partnership with Bitwise, Everstake, Gemini, Morpho, Hexarq, Coinhouse, Delubac, Franklin Templeton, and the Ethereum Foundation, held in London and Paris between late 2025 and mid-2026.

Before founding The Big Whale, Bloch worked as a reporter at Les Echos from December 2016 to March 2020, then at L'Express from March 2020 to March 2022. He also previously worked at Reuters. Since September 2022, he has held a concurrent role as Business Analyst at BFM Business. He has been active in crypto journalism since 2016. He holds degrees from emlyon and the CFJ.

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