Dave Portnoy reveals new details on $LIBRA launch, says he returned 6 million tokens to project's founder

Bartool Sports founder Dave Portnoy revealed new details surrounding the launch of the $LIBRA token project that has ensnared Argentinian President Javier Milei, sparking calls for an impeachment trial from political rivals. 

Portnoy, who has recently embraced memcoin trading , addressed the launch in an X Space on Sunday. Portnoy said he was prepared to join the project as an advisor, and bought the token upon launch, but later returned a gift of around 6 million tokens after the project's advisor, Hayden Davis, told him not to disclose the gift. 

"I'm not going to tweet about this f---ing launch and act like I'm just, 'Oh, Milei's the f---ing best'...and not mention that they have given me coins," Portnoy said . "And by the way, I bought a shit-ton of it...they never gave me the coins before the launch." 

Portnoy said he had trusted Davis because of his past experience in crypto, and that he hoped his involvement in the project would help him gain access to Milei. Portnoy said Davis floated the idea of an interview between Portnoy and Milei to "introduce the world" to the Argentinian president. 

Portnoy said he was moments away from posting his endorsement of the project when Davis told him not to disclose the gift. "[Davis said] 'You can't say that we gave you the coins'...I can't accept coins if you don't f---ing let me say you gave me coins and I'm part of the project, so I literally sent the coins back." 

A wallet linked to Portnoy has no record of receiving the tokens, but Portnoy said on the space he has other wallets. "Yes, I have other wallets that I have created...I just like trading, seeing what's going up." 

According to Portnoy, Davis seemingly "changed his tune" once Milei pulled his endorsement. "I swear he thought it was the real deal...I've known him for two to three weeks, so what do I f---ing know," Portnoy said. Portnoy offered a noncommittal defense of Davis, saying that he trusted him, but also acknowledging that Davis may deserve blame. "I think Milei f---ed him...none of it makes any sense to me." 

Hayden Davis responds to launch controversy

Davis had posted his own version of events Saturday night, before Portnoy's space. In a video and a statement posted to X, Davis defended his actions and announced he would use the funds collected from "fees, farming, everything" to buy back and burn the token. 

"I was responsible for ensuring liquidity for the project and still maintain control over all associated fees and treasury funds," Davis said. "I want to make it unequivocally clear that I have not, nor will I, take any of these funds for my personal benefit."

Davis said Milei's statement distancing himself from the project sparked a wave of panic selling that caused a "catastrophic impact" on the token's price. "When Milei and his team deleted their posts, investors who had purchased the token based on their trust in his endorsement felt betrayed."

Milei's post revoking his endorsement was published at 10:38 pm EST, at which time the token's market capitalization had fallen from its peak around $4.5 billion to around $500 million. The first wave of selling was seemingly sparked by reports that $LIBRA insiders were cashing out the token . 

"As the custodian—not the owner — of these funds, I do not feel comfortable transferring them to Milei's associates or the KIP team," Davis continued. "Instead, after consulting with experts, I am proposing to reinvest 100% of the funds under my control, as much as $100 million, back into the Libra Token and burn all bought supply."

The token's market cap is currently around $350 million, according to Dexscreener . 

Milei faces political backlash

Milei's involvement in the project has led to stern condemnation from his political rivals; one center-left opposition coalition called it an "unprecedented scandal." "Our bloc of National Deputies decided to move forward with filing a request for impeachment against the President of the Nation," a translation of its Spanish-language post states . 

Milei's government has announced an investigation into the token's launch. "Given the facts, President Javier Milei has decided to immediately involve the Anti-Corruption Office (OA) to determine whether there was improper conduct on the part of any member of the National Government, including the President himself," a translation of the announcement states .