A new judicial file in the United States has revealed a surprising touch in the Balance Token case. Crypto entrepreneur Hayden Davis now says that the token was just a job, not a serious project. But that occurs after he was strongly promoted online and even discussed with the president of Argentina.
At the same time, large transfers of money were made at the Davis meeting with senior officials. With $ 280 million frozen, a court hearing is scheduled for August 19.
Davis calls a “same”, not an investment
Davis made this declaration in a recent deposit with an American federal court in New York, where he faces a legal case equally $ 280 million in frozen assets. Meanwhile, Davis’ legal team said that the balance was never supposed to be a real investment. He said he didn’t have a business plan, no roadmap and no clear goal.
Instead, Davis described the balance as a same – a type of token known to be unpredictable, risky and mainly motivated by the media of social media.
This declaration is very different from the way in which the project was originally presented. When the balance was launched for the first time, it was widely shared on social networks and supported by President Milei. In an article now deleted from February, Milei said that Balance would help support small businesses in Argentina.
Davis is now clear from these first promises.
No real plan behind the token
The Davis team also told court that even is not real investments. They are risky and have no fixed value. This new statement is part of Davis’ strategy to defend itself against a trial of investor Omar Hurlock.
Hurlock says he lost money in the Balance project. But Davis argues that Hurlock cannot prove that he even bought the token. He also said that Hurlock’s lawyer was just chasing faulty cryptography projects for money.
Suspected money transfers increased eyebrows
While it all happened, the money was moving. On January 30, when Davis met President Milei, one of his portfolios sent $ 499,000 to crypto to Kraken exchange. Only 42 minutes after the publication of their meeting photo, another portfolio sent $ 507,000 using Bitget.
These portfolios are also linked to another token launched by Davis, Melania, based on the American first lady Melania Trump.
The court hearing set for August 19
The court hearing on August 19 could reveal more on the balanced token, the monetary trails and its links with the best political personalities. However, Davis now wants the case to be moved from New York, perhaps in Argentina or Texas.
But until then, $ 280 million in crypto remain frozen.
