The LIBRA meme coin scandal, which sent shockwaves through Argentina’s political and financial spaces, has entered a new phase. Argentine lawyer Gregorio Dalbón has formally requested an international arrest warrant for Hayden Davis, the alleged key figure behind the token’s collapse.

Meanwhile, the Libra price remains steeply declining amid frothing FUD (fear, uncertainty, and doubt), with the broader bearish market outlook exacerbating the losses.

Argentine Lawyer Pursues Legal and Financial Fallout in Libra Scandal

Dalbón, who also represented former Argentine President Cristina Fernández de Kirchner in a corruption case, filed the petition on Tuesday. Local media Página12 reported that other legal experts in the case include lead prosecutor Eduardo Taiano and Judge María Servini.

The request seeks an Interpol Red Notice for Davis. It urges law enforcement worldwide to locate and provisionally arrest him pending extradition from the US. Dalbón’s petition argues that Davis poses a significant flight risk due to his financial resources and foreign residence.

“Given the magnitude of the scandal and the significant losses caused to investors, the procedural risk implied by Hayden Mark Davis remaining free is evident,” Argentina local media Perfil wrote, citing the petition.

Dalbón also contends that Davis played a “central role in creating and promoting LIBRA.” He says this reinforces allegations that the token’s launch and subsequent collapse were orchestrated for insider profit.

The push comes as this scandal deeply implicated President Javier Milei’s administration. This worsened after he publicly promoted the LIBRA token shortly before its catastrophic price crash. The case has sparked major controversy in Argentina, with authorities already moving to freeze approximately $100 million in crypto linked to the scheme earlier this month.

LIBRA Insiders Profited While Investors Lost Millions

Blockchain analysis firm Nansen recently reported that retail investors suffered staggering losses of $251 million. Meanwhile, wallets associated with Davis and another key figure, Kelsier, extracted significant profits before the token’s collapse.

Blockchain investigator Bubblemaps also uncovered evidence of market manipulation. It cited tactics such as “sniping” – using bots to buy tokens early and control liquidity.

Davis admitted to these tactics, claiming they were designed to prevent an immediate collapse and reinvest liquidity once President Milei resumed promoting the token. However, this strategy failed, leaving retail investors with heavy losses while insiders suffered substantial gains.

Further investigations linked the LIBRA meme coin team to other controversial crypto projects. Reports indicate connections between LIBRA insiders and MELANIA. The LIBRA team reportedly discussed launching a similar token with the Nigerian government, raising concerns about repeated exploitative crypto ventures across multiple countries.

The ripple effects of the scandal have also led to significant shake-ups in the crypto industry. Ben Chow, co-founder of the decentralized finance platform Meteora, recently resigned amid the controversy. This highlights the broader impact of the LIBRA debacle on the crypto ecosystem.

If Dalbón’s request for a Red Notice is approved, Interpol will distribute it to its 195 member countries. While a Red Notice does not mandate arrests, it signals to law enforcement agencies worldwide that Davis is wanted for extradition.

Data on CoinGecko shows that the LIBRA meme coin was trading for $0.06435 as of this writing, down over 12% in the past 24 hours.

Hyperliquid is one of the most profitable platforms in crypto right now, yet its price has been struggling, dropping over 8% in the last 24 hours and more than 24% in the past seven days. Despite its strong fundamentals, bearish momentum has kept HYPE at its lowest levels since December 2024.

However, the network’s rising revenue has outpaced Solana, Ethereum, and Raydium. This suggests underlying strength that could fuel a rebound if market conditions shift. If HYPE breaks resistance at $14.65, it could trigger a rally toward $20 or even $25.87, but failure to reclaim momentum could send it below $12.

Hyperliquid RSI Has Been Neutral Since March 4

Hyperliquid’s RSI (Relative Strength Index) is currently at 32.59, remaining in neutral territory since March 4. Suspicious high-leverage trades are raising money laundering concerns, leading to the ongoing correction.

The RSI is a momentum oscillator that measures the speed and change of price movements on a scale from 0 to 100, with values above 70 indicating overbought conditions and below 30 signaling oversold conditions.

An RSI between 30 and 50 suggests weak momentum, often aligning with a downtrend or consolidation phase.

HYPE’s RSI has now stayed below 50 for nine consecutive days, reinforcing the lack of bullish momentum. With the current reading at 32.59, the asset is approaching oversold territory but hasn’t yet reached extreme levels.

This suggests that selling pressure remains dominant, but if RSI turns upward and crosses 50, it could signal the start of a stronger recovery.

Until then, Hyperliquid remains in a weak position, with price action struggling to gain upward traction.

HYPE BBTrend Has Been Negative For One Week

Hyperliquid’s BBTrend is currently at -16.69, remaining negative since March 5 and staying below -10 for the past six days.

BBTrend (Bollinger Band Trend) is an indicator that measures price momentum relative to Bollinger Bands, helping identify bullish or bearish trends.

Values above 10 indicate strong upward momentum, while values below -10 suggest strong downward pressure.

With HYPE BBTrend at -16.69, the bearish trend remains dominant, reinforcing the recent selling pressure.

Staying below -10 for several days suggests that downside momentum has been persistent, limiting any significant recovery attempts.

If the BBTrend starts moving toward 0, it could indicate a weakening downtrend, but for now, Hyperliquid remains in a clearly bearish phase.

Can HYPE Reclaim $20 In March?

Hyperliquid is currently trading at its lowest levels since December 2024, with its EMA lines signaling a strong bearish sentiment.

Short-term EMAs remain well below long-term ones, with large gaps between them indicating strong downside momentum. If the correction continues, HYPE could drop below $12, marking its lowest price in over three months.

However, Hyperliquid revenue has surged past $11 million in the last seven days, outperforming major players like Pump, Solana, Ethereum, and Raydium.

If momentum returns, HYPE could test the $14.65 resistance, with a potential rally toward $17 if broken. A stronger uptrend could push the price above $20, potentially testing $21 and even $25.87 in the coming days.