Blockchain analytics firm Bubblemaps has linked wallets involved in the launch of Argentina-linked LIBRA to the team behind the controversial MELANIA memecoin. The February 2025 investigation examined cross-chain transfers, wallet funding and the timing of transactions surrounding both launches.
Bubblemaps said its investigation began with wallet P5tb4, which made more than $2.4 million by buying MELANIA shortly after its January 19, 2025 launch. The profits were later transferred to wallet 0xcEA, which Bubblemaps linked to the MELANIA creators. The transfer used Circle’s Cross-Chain Transfer Protocol (CCTP), adding another layer to the movement of funds.
The same wallet was subsequently identified in transactions connected to LIBRA. Bubblemaps said 0xcEA funded the LIBRA creator wallet and also participated in the token launch through several addresses. According to its analysis, those addresses generated approximately $6 million in profits from LIBRA.
1/ How $LIBRA was created by the same team behind MELANIA and other short-lived coins
Featuring new onchain evidence
A thread with Coffeezilla 🧵 ↓ https://t.co/gNwj97KapF
— Bubblemaps (@bubblemaps) February 17, 2025
Wallet activity raised questions about token launches
Bubblemaps identified similar transaction structures and wallet behavior across several projects, leading the firm to argue that the launches were connected rather than isolated events.
The firm also linked 0xcEA to other short-lived tokens, including TRUST, KACY, VIBES and HOOD. Bubblemaps said these projects displayed characteristics such as concentrated token holdings, early buying and fast selling after prices increased.
The findings added to concerns about the role of insiders and automated trading strategies in memecoin markets. A trader with access to a token before public buyers can potentially acquire a large position at a much lower price, creating a significant advantage if the asset quickly attracts liquidity and attention.
The LIBRA episode made those concerns more visible because the token received public attention after Argentina’s President Javier Milei promoted it on social media. LIBRA’s market value subsequently surged before collapsing, while large amounts of liquidity were removed from the project.
Bubblemaps later published additional analysis identifying Hayden Davis, the head of Kelsier Ventures, as the person at the center of the wallet cluster. Davis has acknowledged involvement in the LIBRA and MELANIA launches and admitted that the team sniped tokens at launch, although allegations about the activity and intent remain disputed.
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Investigation expanded beyond LIBRA and MELANIA
Bubblemaps continued tracking the wallet cluster after its initial February 2025 investigation. In April 2025, the firm published a more detailed account alleging that Davis was connected to the launch of WOLF, a memecoin associated with Jordan Belfort. Bubblemaps traced the WOLF creator wallet through multiple addresses and cross-chain transfers back to 0xcEA.
The firm has continued publishing investigations into the memecoin ecosystem, while Argentine authorities have continued examining the LIBRA affair. In March 2026, Argentina’s federal prosecutor said the investigation remained active and that a final technical report concerning seized electronic devices had been submitted to prosecutors in January 2026.
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