TLDR
- Discovery connection between creators of Balance and Melania coins through shared portfolio patterns
- The balance token crashed 95% after reaching a market capitalization of $ 4 billion, initiates removing $ 87 million in liquidity
- Argentine president Javier Milei
- Hayden Mark Davis admitted to having orchestrated the launches of Balance and Melania in the interview
- Dave Portnoy received a reimbursement of $ 5 million after losing money when the scale is launched
A blockchain survey has revealed direct links between two highly publicized cryptocurrency launches that have led to substantial investors’ losses.
Bubblemaps analysis platform, working with investigator Stephen Findeisen, found evidence connecting the teams behind the balance and Melania Same corners through shared portfolio patterns and transverse transfers.
The survey followed a complex transaction network starting with a Solana portfolio labeled “P5TB4”, which accumulated $ 2.4 million thanks to the early negotiation of the Melania token. These funds were then moved to an avalanche portfolio “0xcea” which was directly linked to the creator of the token.
This same avalanche portfolio then provided financing to “Defcyk”, which Blockchain Explorer Solscan identified as the main portfolio of Balance Creator. The Money Trail has established clear links between the two projects, both of which have followed similar models to increase the rapid value followed by spectacular accidents.
2 / There have been speculation according to which Melania and the balance are linked to the same team, but without solid evidence – so far.
After analyzing cross -transfers and synchronization models, we are very convinced that this is the case.
– Bubblemaps (@Bubbleps) February 17, 2025
Friday, the launch of Token Balance drew special attention after receiving approval from Argentinian President Javier Milei. The market capitalization of the token quickly exceeded $ 4 billion before crashed 95% when the initiates abolished $ 87 million in project liquidity.
In a YouTube interview, Hayden Mark Davis, who identified himself as a “launch strategist” for the Balance De Balance Kip Protocol, admitted to having orchestrated the launches of token and Melania token. Davis said that President Milei’s team initially supported the balance as a blockchain transparency experience before removing support when problems emerged.
Davis discussed the practice of “projecting the project”, where the teams are at the top of their own token. He defended this as a protective measure against external traders who could block prices, although he recognized the controversial nature of such actions.
https://www.youtube.com/watch?v=eqizjtbxaem
The survey revealed that the balance team would have used three initiate portfolios to handle their launch of tokens. Blockchain data showed that the “0xceae … 06E2” portfolio transferred 1.6 million USDC to three Solana wallets shortly before the launch of the balance. These portfolios then acquired 3.77 million balance tokens, which were quickly sold for 8.25 million USDC, generating a profit of $ 6.65 million.
An unexpected revelation of the interview with Davis concerned the founder of Barstool Sports, Dave Portnoy. Davis confirmed that Portnoy had received a reimbursement of $ 5 million After losing money when the scale is launched, declaring that Portnoy “knew the launch” beforehand.
The benefits of these events were serious. Argentinian lawyers have deposited accusations of criminal fraud against President Milei For its promotion of the balance token. Milei denied having a prior knowledge of the project and deleted his publications on social networks on this subject.
Davis said it now controlled around 60 million dollars locked in the liquidity of the deposit curve, plus an additional $ 100 million in a separate account. He described the situation as “a plan that has mildly shot” rather than a deliberate program to defraud investors.
Bubblemaps’ analysis suggests that this group may have been responsible for several other tokens launches, including Coded Trust, Kacy, Vibes and Hood projects, all of similar models.
Davis said he received death threats due to his involvement in the launch of the balance. He stressed that the international nature of the incident and the participation of a president made the situation particularly complex.
The results raise questions about the interconnected nature of the recent launches of the same and the role of the offense of initiate in the cryptocurrency markets. The Balance and Melania tokens experienced explosive increases in value before their prices collapsed, leaving many retail investors with substantial losses.
The application of laws and regulatory authorities continue to investigate these incidents. The office of President Milei did not respond to requests for additional comments on the accusations of fraud or its deleted approval of the balanced token.
A criminal complaint was filed against Milei by several Argentinian lawyers, including the former head of the Argentine Central Bank Claudio Lozano. Legal action focuses on the role of Milei in promoting what has quickly become a failed cryptocurrency project.
