Where exactly did Kelsier's $300 million cryptocurrency assets go?

Libra linked wallet assets have shrunk sharply: from US$300 million to US$2 million

According to data from blockchain analysis firm Arkham, the tracking position of Libra linked wallets associated with Kelsier Ventures has dropped sharply from nearly US$300 million in February 2025 to approximately US$2 million.

Positions drop sharply

Arkham pointed out that the wallet related to Kelsier currently only holds about US$2 million, which has fallen off a cliff compared with previous highs. During February 2025, more than 1,000 addresses were initially linked to Hayden Davis and Kelsier Ventures. The value of these original wallets mainly comes from Libra tokens, as well as USDC and SOL extracted from the liquidity pool.

Data released by Arkham on October 5 showed that when the company first released the wallet cluster in February 2025, it identified more than 1,000 addresses belonging to Kelsier Ventures and Hayden Davis. At the time, the total value of assets held at these addresses was close to $300 million, with the majority of the value consisting of Libra tokens. Today, Arkham values the total remaining assets in the tracking cluster at approximately $2 million.

In February 2025, we identified more than 1,000 addresses belonging to Kelsier Ventures (Hayden Davis), and we were the first to fully publish these data.
At the time, these addresses held nearly US$300 million in assets, mainly Libra tokens.
Now they only hold $2 million.
- Arkham (@arkham) October 5, 2026

Asset whereabouts unknown

The change in wallet value itself does not directly explain the flow of the balance funds. Volatility in token prices, transfers between addresses, sales, liquidity changes, and adjustments in Arkham tracking positions can all cause changes in entity balances. Arkham did not provide transaction details in his October 5 post to explain this significant decline.

Previous reports have shown that the Libra lawsuit has been dismissed and the court dismissed the charges against Meteora and Chow. Kelsier's Libra wallet once held nearly $300 million. Arkham first reported the Kelsier wallet cluster on February 19, 2025, five days after Libra went online. Its initial analysis divided the identified addresses into two parts: one part was the Libra physical wallet associated with the token, and the other part was the Kelsier Ventures physical address that was not directly associated with the project.

Among these two groups, Arkham estimates that the total value of his holdings is close to US$300 million. The majority of this is Libra tokens, and about $100 million is held in the form of USDC and SOL, which are said to have been withdrawn from the Libra liquidity pool. At the time, Arkham claimed to be the first blockchain analysis service to publish all more than 1,000 associated addresses.

The company identified Davis as a key figure behind Kelsier Ventures. A recent U.S. federal court opinion describes Kelsier Labs LLC (used as Kelsier Ventures name externally) as a family-run business established under Texas law in 2021, with Hayden Davis serving as CEO.

Libra Project Background and U.S. Litigation

Libra于2025年2月14日在Solana链上上线。随后的联邦法院记录显示，阿根廷总统Javier Milei在上线后不久发布了代币合约并推广了配套的“Viva La Libertad”项目。投资者需求推动代币价格一度大幅上涨，但随后价格在数小时内崩盘。Milei后来删除了其帖子，并表示自己对该项目的细节并不知情。

正如之前报道的那样，Libra在Milei发帖后不久估值曾达到数十亿美元，随即崩溃。Davis后来承认他控制着与该计划相关的资金，但同时否认Libra旨在作为骗局运作。

美国Libra诉讼案在Arkham更新前数日被驳回

Arkham最新披露的钱包数据，是在一起涉及Kelsier Ventures的重大美国民事案件结束不到一周后发布的。2026年9月29日，美国地区法官Jennifer L. Rochonruo裁定，针对Kelsier、Davis家族成员、前Meteora首席执行官Benjamin Chow及其他被告的修订版投资者投诉不得继续审理。

The case, called Hurlock v. Kelsier Ventures, charged the defendants with fraud, conspiracy, violations of the Rackketeer Affected and Corrupt Organizations Act (RICO Act), violations of New York Consumer Protection Laws, and unjust enrichment. For Kelsier and Davis, the judge dismissed the RICO allegations for failing to state the reasons for the claim. Other claims against them were also rejected because the court found a lack of jurisdiction in person. The claim against Chow was also dismissed for failing to state the reasons for the claim, while Dynamic Labs successfully got the claim against Meteora dismissed.

Judge Rochon refused the plaintiff's request to file a second amended complaint, dismissed the case "with prejudice" and directed the clerk to close the case. The ruling does not mean that the court has made a factual finding of every contentious incident that occurred around the launch of Libra, but rather determines whether the plaintiff's allegations meet the legal and jurisdictional requirements that allow its claim to continue.

The original class action lawsuit was filed in New York State Court in March 2025 and subsequently moved to federal court in May.

Freezing funds becomes part of legal battle

Money tracking played a role in the Libra lawsuit long before Arkham released its latest $2 million figure. In May 2025, under a U.S. court order, Circle froze approximately $57 million in USDC held in addresses related to the dispute. Previously, Crypto.news reported on a $57 million USDC freeze related to the Libra case, which applied to two addresses, and investors are holding Kelsier and related defendants accountable.

A federal court in New York later lifted the asset restrictions in 2025. The dismissal ruling on September 29, 2026 subsequently ended the underlying U.S. class action lawsuit. The current Arkham $2 million figure should not be seen as a direct comparison only with assets once frozen by the court. Arkham's physical cluster covers more addresses identified as related to Kelsier Ventures and Libra. Its February 2025 estimates include Libra tokens, stablecoins, SOL and other assets spread across more than 1,000 addresses.

Arkham did not say in his October 5 post that $298 million of funds had been transferred out of his wallet in cash, nor did he define changes in the balance as realized profits, investor recoveries or confiscation of funds.

Argentina's investigation continues

The conclusion of the U.S. civil case has not closed Argentina's separate criminal investigation. Argentina's federal prosecutor's office said in March that federal prosecutor Eduardo Taiano remains in charge of the investigation and continues to process evidence related to Libra.

Prosecutors are reviewing circumstances surrounding the creation and launch of tokens, including possible fraud, trading in influence, bribery and abuse of power. Digital assets have become part of the survey. In August 2025, prosecutors announced that an Argentine federal judge had ordered the freezing of 323,275 USDTs held at two addresses identified during the investigation. Prosecutors said the addresses received funds transferred from multi-signed wallets examined in the case. Investigators linked the wallet's activities to activities from December 2024 to February 2025.

A separate prosecution request had sought to freeze nearly 44.6 million USDC related to the investigation, but before a U.S. court froze relevant stablecoin addresses in May 2025. Argentina's prosecutor's office said its technical investigation included analysis of electronic equipment seized in the case. The final forensic report was handed over to prosecutors in January 2026 and added to the judicial case management system in February.

The September 29 U.S. ruling did not resolve these Argentine proceedings.

Arkham continues to track the remaining Kelsier wallets

Arkham's public entities page continues to attribute them to Kelsier Ventures 'wallet groupings to monitor token position changes and transfers on-chain. The company did not say in its latest update that the approximately $2 million currently visible represents all assets controlled by Davis or Kelsier Ventures beyond their identified addresses. Its February 2025 research was also limited to the wallet Arkham attributed to the entity.

Early reports on Libra suggest that affiliation may change as investigators connect more addresses. Blockchain researchers, including Arkham, Nansen and other analytics companies, have spent months tracking wallets associated with launches, liquidity pools, and subsequent token movements. Nansen tracked the huge profits and losses among traders after the rapid collapse of Libra tokens, while separate research focused on early wallets and liquidity providers.

Arkham's latest update shows that the identified Kelsier cluster currently stands at approximately $2 million, compared with nearly $300 million when the address was first disclosed in February.