After LIBRA Scandal, Kelsier Ventures Eyes Nigerian Expansion with New Solana Blockchain Project

Kelsier Ventures, the firm at the center of Argentina’s LIBRA meme coin controversy, has reportedly been in talks with Nigerian officials about launching a similar project on the Solana blockchain, according to a report from The Big Whale.

The discussions come after the LIBRA fiasco, which saw an estimated US$4B (AU$6.29B) in losses for 40,000 investors. 

Hayden Davis, CEO of the firm, denied any wrongdoing in the LIBRA debacle and stated that the company controls the funds and that Argentine President Javier Milei’s team unexpectedly withdrew support for the project. 

Therefore, in an attempt to manage the crisis, Kelsier Ventures proposed a US$100M (AU$157M) control fund to repurchase and burn LIBRA tokens.

Going back to Nigeria, it may be difficult for Kelsier’s expansion goals, given the country’s difficult relationship with crypto, mostly because of fraud cases and crypto crackdown. Just in September 2024, Nigeria’s Economic and Financial Crimes Commission (EFCC) froze over 1,100 bank accounts in an intensified crackdown on crypto traders.

Related: Fake Premier, Real Scam: Impostor Uses ‘Bermuda National Coin’ to Dupe Social Media Users

Viva La Libertad?

President Milei is now facing mounting political and legal pressure after his social media promotion of the cryptocurrency LIBRA triggered allegations of fraud.

On Friday, Milei posted on X (formerly Twitter) that he endorsed the coin as a way to support small businesses and startups. He also shared a link for purchasing it, which sent its price surging. But he deleted the post within hours and the token’s value plummeted, leaving investors with steep losses.

Milei’s opponents have seized on the controversy. Former President Cristina Fernández de Kirchner called him a “crypto scammer”, while Argentina’s main opposition coalition labeled the situation an “unprecedented scandal” and announced plans to request his impeachment formally.