Libra Trust suddenly launched to ’empower’ Argentine companies

Libra Trust, an organization that claims to invest funds raised from the Libra token sale to fund Argentine companies through grants, has appeared out of nowhere. This trust may have been funded by Kelsier Ventures CEO Hayden Davis to serve the token’s original purpose.

Launch of Libra Trust to provide grants to Argentine companies

fact

A new institution, the Libra Trust, has emerged to fulfill some of the original purpose of the Libra token, which was launched with this purpose in mind. The trust is said to be funded in part by the proceeds from the Libra token launch and plans to provide grants to Argentine companies through its website.

Data researcher Fernando Molina linked the movement of funds recorded last week to the effort, with approximately $100 million worth of cryptocurrencies removed from wallets in connection with the launch of the Libra token.

Nevertheless, the site only states that it operates “independently from Hayden Davis and Javier Millay” and does not provide further information about the trustees or guardians appointed to manage and oversee the trust’s activities.

It also acknowledged the legal challenges it faced and that the funds to further its work were transferred “on the basis of legal advice.”

The creation of the trust was heavily criticized by Nicolas Lečanik, a lawyer who represents Libra victims in Argentina. “This is just one example of people taking advantage of the situation, believing that they are above Argentine law, above U.S. law, and above the rights of the people affected,” he said.

read more: Argentine Congress releases report: Libra project is not isolated and Millay should be investigated for wrongdoing

Why is it relevant?

With the green light from federal judge Jennifer Rochon, who is overseeing the Libra class action lawsuit, the trust could be a way out of harm’s way for Davis and others implicated in wrongdoing related to the Libra platform.

Because Mr. Davis has no control over these funds, he could argue that by accomplishing his original purpose, no crime was committed.

I’m looking forward to it

Transparency in the use and trust management of these funds will be critical to the future of the Libra litigation in both Argentina and the United States, and in determining the liability of those involved.

FAQ

• What is the purpose of the newly established Libra Trust?
  The Libra Trust aims to fulfill part of the original mission of the Libra token by providing grants to Argentine companies.

• How was the trust funded?
  It seems that a portion of the profits will be used as funds. Libra token launchalmost involved 100 million dollars With crypto currency.

• What challenges does Libra Trust see?
  The trust acknowledged the legal challenge, saying the funds were transferred “on the basis of legal advice” and stressing its independence from key figures associated with Libra.

• What does this trust mean for those tied to the Libra platform?
  Approval of the trust by U.S. Federal Judge Jennifer Rochon could serve as a legal defense for individuals like Hayden Davis by asserting compliance with the original purpose of the Libra initiative.