The Extraction Curse

Recent exclusive video release from @SolanaFloor on X featuring the Defi Tuna founder @CavemanDhirk in a private voice call with Meteora Co-founder Ben Chow, discussing current findings and allegations of inside trading and extraction of over $200M involving Kelsier Ventures in a potential market manipulation scheme. Full 26 minute video below.

With these strong allegations raising more questions about the involvement in the launch of Argentina president Javier Milei's token $Libra, Kelsier Ventures founder Hayden Davis addressed most of the recent developments in a post including a video of himself directly speaking on the issue, as well as a written post including the next steps forward. 

Deeper Investigation

"After consulting with experts, I am proposed to reinvest 100% of the funds under my control, as much as $100 million, back into the Libra Token and burn all bought supply. Unless a more viable alternative is presented, I intend to begin the process of executing on this plan within the next 48 hours."

While evidence shows over $200 million being extracted from these token launches, Kelsier Ventures founder Hayden Davis claim of $100 million back into the Libra Token leaves another question: 'Whose money is the $100 million?'

More insight can be attained from the video below with Dave Portnoy's recent interview with Hayden discussing the topic.

While some people have responded with optimism on the current outlook of the situation, others have expressed even deeper concerns, particularly around incomplete transparency and litigation factors.

(@A1lon9 X post)

(@Yodassk X Reply)

(@RoninDaCC X Reply)

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With the current events taking places, trust among community members has grown thinner each day. The extraction curse has taken it's toll on many key roles which have sustained the Solana Ecosystem. Insiders are at an all time high and greed has swarmed like a plague.

Future Outlook and Possibilities

Sacrificing the will of a technological movement for potentially a 'once in a lifetime' opportunity at a pivotal or generational amount of money, has been a deepseeded action that has taken place many times in human history. Greed has been around as long as innovation. One thing we can confirm is that innovation always wins. Some could argue that ancient techniques are superior in some aspects of innovation but that's for a whole different article.

The fact is blockchain technology has progressed daily in terms of innovation. Not every human born will be set with perfect morals or the same skillsets, attitude, objective, goal or optimism. While the events unfolded in this post have reflected a potential set-back for the current future of Solana, we can only assume that the growth will be brighter and more sustainable in the future!

The entire blockchain doesn't run on Meteora or Kelsier. While the allegations and potential set-backs are serious, it is important to remember that thousands of honest, hardworking developers are striving for pure innovation for the sake of real world use-cases to essentially bring crypto into the new world movement.