DeFi Tuna Cuts Ties with Kelsier Ventures Amid LIBRA Token Scandal on Solana
In a bold move to uphold ethical standards, DeFi Tuna has severed ties with Kelsier Ventures following the explosive LIBRA token scandal that rocked the Solana ecosystem.
- DeFi Tuna returns $30,000 to Kelsier Ventures
- LIBRA scandal drains $100M from Solana
- Solana price drops to $178.54
- Allegations of insider trading involve Jupiter DEX’s founder
Background of the Scandal
The LIBRA token, part of the “Viva La Libertad” project, aimed to finance small Argentine companies. However, its promotion by Argentine President Javier Milei triggered a classic “rug pull” scenario—a situation where the value of a token is artificially inflated before crashing, leaving investors with significant losses. The token’s value spiked and then plummeted, resulting in a $100 million drain from the Solana ecosystem. Total Value Locked (TVL), which refers to the total amount of assets locked in a DeFi protocol, indicates the size and activity of the platform.
DeFi Tuna’s Response
DeFi Tuna, a Solana-based DeFi protocol known for its conservative approach to lending pools, has returned a $30,000 investment from Kelsier Ventures. This decision was made after Kelsier Ventures, led by Hayden Mark Davis, was implicated in the promotion and manipulation of the LIBRA meme token. Dhirk
