What happened to Kelsier’s $300M crypto stash?

The change in wallet value does not by itself show where the difference went. Token prices, transfers between addresses, sales, liquidity movements and changes in Arkham’s tracked holdings can all affect an entity balance. Arkham’s Oct. 5 post did not provide a transaction-by-transaction breakdown explaining the decline.

Kelsier’s LIBRA wallets once held nearly $300 million

Arkham first reported the Kelsier wallet cluster on Feb. 19, 2025, five days after LIBRA launched.

Its original analysis divided the identified addresses between a LIBRA entity containing wallets tied to the token and a separate Kelsier Ventures entity for addresses not directly associated with the project.

Across both groups, Arkham valued the holdings at nearly $300 million. Most of the amount consisted of LIBRA, while approximately $100 million was held in $USDC and $SOL that Arkham said had been removed from LIBRA liquidity pools.

Arkham described itself at the time as the first blockchain analytics service to publish the full set of more than 1,000 linked addresses.

The company identified Davis as the person behind Kelsier Ventures. A recent U.S. federal court opinion describes Kelsier Labs LLC, doing business as Kelsier Ventures, as a family-run firm incorporated under Texas law in 2021, with Hayden Davis serving as chief executive.

LIBRA launched on Solana on Feb. 14, 2025. Argentine President Javier Milei posted the token contract and promoted the accompanying Viva La Libertad project shortly after launch, according to the subsequent federal court record.

Investor demand pushed the token sharply higher before its price collapsed within hours. Milei later removed his post and said he had not been aware of the project’s details.

As previously reported, LIBRA reached a multibillion-dollar valuation before collapsing shortly after Milei’s post. Davis later acknowledged that he controlled funds connected to the project while denying that LIBRA was intended as a scam.

U.S. LIBRA lawsuit was dismissed days before Arkham update

Arkham’s latest wallet disclosure comes less than a week after a major U.S. civil case involving Kelsier Ventures ended.

U.S. District Judge Jennifer L. Rochon ruled on Sept. 29 that the amended investor complaint against Kelsier, Davis family members, former Meteora CEO Benjamin Chow and other defendants could not proceed.

The case, Hurlock v. Kelsier Ventures, had accused the defendants of fraud, conspiracy, violations of the Racketeer Influenced and Corrupt Organizations Act, New York consumer law violations and unjust enrichment.

For Kelsier and the Davis defendants, the judge dismissed the RICO counts for failure to state a claim. Other claims against them were dismissed because the court found it lacked personal jurisdiction.

Claims against Chow were dismissed for failure to state a claim, while Dynamic Labs secured dismissal of claims brought against Meteora.

Rochon denied the plaintiffs’ request to file a second amended complaint and dismissed the case with prejudice, directing the clerk to close it. LIBRA class action was dismissed after the court rejected the plaintiffs’ RICO and fraud theories.

The ruling did not amount to a judicial finding that every disputed event around LIBRA’s launch did or did not happen. The court decided whether the plaintiffs’ allegations met the legal and jurisdictional requirements needed for their claims to continue.

The original class action had been filed in New York state court in March 2025 before being removed to federal court in May.

Frozen LIBRA-linked funds became part of the legal fight

Wallet tracing played a role in the LIBRA litigation long before Arkham published its latest $2 million figure.

In May 2025, Circle froze approximately $57 million in $USDC held in addresses tied to the dispute after a U.S. court order.

Crypto.news previously covered the $57 million $USDC freeze tied to the LIBRA case, which applied to two addresses while investors pursued claims against Kelsier and related defendants.

The New York federal court later lifted its asset restraints in 2025. The Sept. 29, 2026 dismissal subsequently closed the underlying U.S. class action.

The current $2 million Arkham figure should not be read as a direct comparison with only the assets once frozen by the court. Arkham’s entity cluster covers a much larger set of addresses identified as connected to Kelsier Ventures and LIBRA.

Its February 2025 estimate included LIBRA tokens, stablecoins, $SOL and other assets spread across more than 1,000 addresses.

Arkham’s Oct. 5 post does not say that $298 million was transferred out of the wallets in cash terms, nor does it identify the balance change as realized profit, investor recovery or seized funds.

Argentina’s LIBRA investigation remains separate

The end of the U.S. civil lawsuit has not closed the separate criminal investigation in Argentina.

Argentina’s federal prosecutor’s office said in March that federal prosecutor Eduardo Taiano remained in charge of the investigation and was continuing work on evidence connected to LIBRA.

Prosecutors have been examining the circumstances surrounding the token’s creation and launch, including possible fraud, influence trafficking, bribery and abuse of authority.

Digital assets have already been frozen as part of that inquiry. In August 2025, prosecutors announced that an Argentine federal judge ordered the freezing of 323,275 USDT held across two addresses identified during the investigation.

Prosecutors said those addresses had received funds from a multisignature wallet examined in the case. Investigators linked activity in that wallet to the period between December 2024 and February 2025.

A separate prosecution request had sought to freeze nearly 44.6 million $USDC connected to the inquiry before the U.S. court froze related stablecoin addresses in May 2025.

The Argentine prosecutor’s office said its technical investigation included analysis of electronic devices seized during the case. A final forensic report was delivered to prosecutors in January 2026 and added to the judicial case-management system in February.

The Sept. 29 U.S. ruling does not resolve those Argentine proceedings.

Arkham continues tracking the remaining Kelsier wallets

Arkham’s public entity page continues to group wallets it attributes to Kelsier Ventures, allowing changes in token holdings and transfers to be monitored on-chain.

The analytics company has not said in its latest update that the approximately $2 million still visible represents all assets controlled by Davis or Kelsier Ventures outside the addresses it has identified.

Its February 2025 research was similarly limited to wallets Arkham had attributed to the entity.

Earlier reporting around LIBRA showed why attribution can change as investigators connect additional addresses. Blockchain researchers including Arkham, Nansen and other analytics firms spent months tracing wallets tied to the launch, liquidity pools and subsequent token movements.

Nansen tracked large profits and losses among LIBRA traders after the token’s rapid collapse, while separate investigations focused on early wallets and liquidity providers.

Arkham’s latest update leaves the identified Kelsier cluster at roughly $2 million compared with nearly $300 million when the firm first disclosed the addresses in February 2025.