Blockchain analysis firm Arkham indicates that the assets held by wallet addresses related to Kelsier Ventures and involving LIBRA have decreased from nearly $300 million in February 2025 to about $2 million.

According to Arkham, on October 5th, it identified over 1,000 addresses that belong to Kelsier Ventures and Hayden Davis. The company first published this cluster of wallets in February 2025, at which time these addresses held a total of nearly $300 million in assets, with most of the value coming from LIBRA tokens. Arkham now estimates the remaining value of these tracked addresses to be about $2 million.

Arkham says that the change in the value of a wallet itself does not indicate where the difference has gone. Token prices, transfers between addresses, sales, changes in liquidity, as well as Arkham's adjustments to the range of holdings, can all affect the actual balance. The post on October 5th did not provide detailed transaction records to explain this decrease.

The LIBRA wallet of Kelsier once approached $300 million.

Arkham first reported wallet clustering of Kelsier on February 19, 2025, which is 5 days after the launch of LIBRA.

Its initial analysis divided the identified addresses into two parts: one part consists of LIBRA entities that contain wallets related to that token, and the other part consists of Kelsier Ventures entities that are not directly associated with the project.

The total valuation of positions held by Arkham in these two sets of addresses is close to $300 million. The majority of this is constituted by LIBRA, with another approximately $100 million belonging to USDC and SOL. Arkham stated that these assets have been removed from the liquidity pool of LIBRA.

Arkham stated at that time that this was the first blockchain analysis service to publish a complete collection of over 1,000 associated addresses.

The company identifies Davis as the person behind Kelsier Ventures. A recent opinion letter from a U.S. federal court describes Kelsier Labs LLC (operating under the name of Kelsier Ventures) as a family business registered in Texas in 2021, with Hayden Davis serving as the CEO.

LIBRA was launched on Solana on February 14, 2025. According to subsequent records from the federal court, Argentine President Javier Milei issued the token contract not long after its launch and promoted the accompanying Viva La Libertad project.

Investor demand once drove a significant rise in the token's price, but its value plummeted within hours. Millet later deleted his post and stated that he was not familiar with the details of the project.

Previous reports indicated that LIBRA reached a valuation of several billion dollars after a post by Milai, only to subsequently collapse rapidly. Davis later admitted to controlling the funds related to the project, but denied that LIBRA was a scam.

A lawsuit in the United States LIBRA was dismissed a few days before the update on Arkham.

Just as the latest disclosure of wallet information regarding Arkham was made, a civil case in the United States involving Kelsier Ventures has just concluded, less than a week ago.

U.S. judges Jennifer L and Rochon ruled on September 29 that the revised investor complaint against Kelsier, members of the Davis family, former Meteora CEO Benjamin Chow, and other defendants could not proceed any further.

This case, named Hurlock v. Kelsier Ventures, accuses the defendant of fraud, conspiracy, violation of the Anti-Racketeering and Corruption Organization Act (R-token issuance), violation of New York consumer law, and unjust enrichment.

For the defendants Kelsier and Davis, the judge dismissed the charges regarding the issuance of R tokens on the grounds that they failed to present substantiated claims. The court also deemed that it lacked personal jurisdiction over the other charges, and therefore dismissed them as well.

The charges against Chow were dismissed as no substantiated claims could be made, and Dynamic Labs also successfully managed to have the related charges against Meteora withdrawn.

Rochon rejected the plaintiff's request to submit a second revised complaint and dismissed the case in a biased manner, requesting the clerk to close the case. LIBRA The class action was dismissed after the court rejected the plaintiff's theories regarding the issuance of R tokens and fraud.

This ruling does not imply that the court has made a judicial determination of 'occurred' or 'did not occur' regarding every disputed fact related to the launch of LIBRA. What the court ruled on is whether the plaintiff's allegations meet the legal and jurisdictional requirements necessary to proceed with their claims.

This initial class action was filed in a New York State court in March 2025 and was later transferred to a federal court in May.

The frozen LIBRA related funds have become part of a legal dispute.

Before Arkham released its latest data of $2 million, wallet tracking had already played a role in the lawsuit filed by LIBRA.

In May 2025, Circle froze approximately $57 million of USDC at the order of a U.S. court; these funds were held in addresses related to the dispute.

Crypto.news previously reported that $57 million related to the LIBRA case was frozen, with the freeze targeting two addresses. At that time, investors were filing claims against Kelsier and the relevant defendants.

The New York Federal Court later lifted the asset restrictions in 2025. Subsequently, a ruling of dismissal on September 29, 2026, brought to an end the underlying class action in the United States.

The $2 million currently referred to as Arkham should not be understood as directly corresponding to the assets that were once frozen by the court. The entity clustering of Arkham covers a larger set of addresses that have been identified as related to Kelsier Ventures and LIBRA.

Its estimates for February 2025 include LIBRA tokens, stablecoins, SOL, as well as other assets distributed across more than 1,000 addresses.

The post on Arkham on October 5th did not mention that $298 million was transferred out of the wallet in cash, nor did it classify the change in balance as realized profit, investor recovery funds, or confiscated funds.

Argentina's investigation into LIBRA is still ongoing.

The conclusion of civil litigation in the United States does not end the ongoing independent criminal investigation in Argentina.

In March, the Argentine Federal Prosecution Office stated that Federal Prosecutor Eduardo Taiano is still in charge of the investigation and continues to advance the evidence work related to LIBRA.

The prosecution has been reviewing the circumstances surrounding the creation and launch of this token, including potential fraud, influence trading, bribery, and abuse of power.

As part of the investigation, digital assets have been frozen. In August 2025, the prosecution announced that a federal judge from Argentina ordered the freezing of 323,275 USDT held at two addresses identified during the investigation.

The prosecution stated that these addresses had received funds transferred from a multi-signature wallet, which was also under investigation in this case. Investigators linked the activities of this wallet to the time period between December 2024 and February 2025.

Before U.S. courts froze the relevant stablecoin addresses in May 2025, another prosecution application sought to freeze nearly $44.6 million USDC related to this investigation.

The Argentine Prosecution Office stated that its technical investigation included the analysis of electronic devices seized in the case. The final forensic report was submitted to the prosecution in January 2026 and entered into the judicial case management system in February.

The U.S. ruling on September 29 does not affect these procedures in Argentina.

Arkham Continue to track the remaining Kelsier wallets

The public entity page for Arkham is still classified as belonging to the wallet attributed to Kelsier Ventures, allowing for on-chain monitoring of token holdings and transfer changes.

This analytics firm did not indicate in its latest update that the approximately 2 million US dollars currently visible represent all of the assets controlled by Davis or Kelsier Ventures outside of their identified addresses.

Its research in February 2025 was also limited to Arkham, attributed to the wallet of that entity.

Early reports surrounding LIBRA also indicated that as investigators connected more addresses, the attribution might change. Blockchain research institutions, including Arkham and Nansen, as well as other analysis firms, spent months tracking wallets related to the token's launch, liquidity pools, and subsequent token movements.

Nansen tracked the large profits and losses of LIBRA traders after the rapid collapse of the tokens, while another set of investigations focused on early-stage wallets and liquidity providers.

The latest update from Arkham shows that the identified Kelsier cluster is currently worth approximately 2 million US dollars, whereas when the company first disclosed these addresses in February 2025, this figure was close to 300 million US dollars.