Milei's Connection: How Meme Coin Promoters Made Hundreds of Millions by Manipulating Unregulated Markets

The silent collapse of presidential tokens revealed an uncomfortable truth: while regulators were asleep, an international network of crypto operators built a value extraction machine with surgical precision. The numbers speak for themselves: someone bought $1.1 million worth of tokens in seconds, sold three days later, and made $100 million. Insider trading? Maybe. Crime? Apparently not in the crypto world.

The transfer chain: from Singapore to Buenos Aires

It all started with a pattern that “detective blockchain” teams took weeks to unravel. Nicolas Vaiman, co-founder of Bubblemaps, spent hours tracking wallet addresses on the public blockchain ledger. What he found was disturbing: the wallet that created the token for a South American leader was directly connected to the one that launched another presidential token. Both belonged to the same operator or team.

The trail led to a crypto advisor named Hayden Davis. His LinkedIn profile mentioned “entrepreneurship,” but his background told a different story: son of a man convicted of check forgery, Davis had worked in multi-level marketing schemes selling energy drinks before finding his true calling in digital tokens.

According to transaction analysis, Davis and his partners accumulated over $150 million. More than half came from a single token. All their launches followed an identical pattern: internal sale → price explosion → catastrophic collapse. It was a perfectly choreographed ballet.

The Singaporean link: when decentralization becomes centralized power

Behind Davis was a bigger figure: Ming Yeow Ng, known in crypto circles as “Meow.” Co-founder of a token launch platform (which would be the first place where the Milei meme was offered), Ng had built his empire philosophically justified. According to his writings, meme coins were not scams but “pioneers of a new era of digital and cultural expression.”

In private conversations, Ng insisted that his platform only provided “technical support,” never participated in operations, and never did anything improper. It’s the same argument used by clandestine arms dealers: I only sell tools, I’m not responsible for how they are used.

But message logs told a different story. Davis constantly mentioned “instructions from Ben Chow,” then CEO of Ng’s platform, in every major decision. When asked about this closeness during a recorded video call, Chow’s response was revealing: “I just act as a bridge.” He had introduced Davis to clients who “needed help.” Shortly after the scandal, Chow resigned without explanation.

The pattern no one wants to acknowledge

A former collaborator of Davis became a whistleblower. Moty Povolotski recounted that in private meetings, Davis was brutally direct: “Sell everything possible, even if the price drops to zero.” In a shisha bar, he saw Davis’s father boast about an “automatic program” for secret dumping.

Most revealing: Davis was capable of transferring millions of tokens to accomplices with explicit instructions to “sell anonymously” when reaching a certain market cap. The operation was designed to be traceable on the blockchain but impossible to legally link to specific individuals.

When a crypto media reporter confronted Davis about this, the advisor admitted for the first time “having participated in the launch,” but minimized it as “defensive, to prevent others from stealing from retail investors.” Later, in a subsequent interview, Davis was more frank: “Meme coins are a casino without regulation, and the rest of crypto isn’t much better. It’s all shit.”

The presidential scandal that exposed the game

When a South American country’s president endorsed a meme coin called Libra on February 14 and deleted it from his social media hours later, it was the first domino to fall. Blockchain analysts identified that Milei’s token wallet was technically connected to other Davis operations in the region.

The important part: crypto transactions are recorded in an immutable public ledger. Analysts confirmed massive purchases with insider information, astronomical gains in timeframes impossible to justify by ordinary speculation, and a distribution pattern that only makes sense if operators knew exactly when the price would rise and fall.

The scandal in Argentina was so obvious that Davis himself publicly admitted “having advised” the president. In later videos, he even acknowledged earning $100 million, though he claimed to be “only custodians of funds” that he had not yet returned.

The network of silent beneficiaries

What was not widely known: who connected Davis to these political leaders? Who facilitated the platforms? Who ensured that no regulator intervened?

Records show that Ben Chow played a crucial role in both presidential launches. They also reveal that Ng organized a celebratory conference in Istanbul weeks after the Milei scandal, with Davis as an apparent guest of honor. At the conference, Ng’s platform displayed statistics: the weekend of the presidential token was the second-highest volume in the company’s history. The commissions earned were enormous.

When asked directly about this, Ng simply replied: “It’s more boring than you think.” Then he went on to philosophize about how “all financial assets are meme coins” because they depend on collective belief, including the US dollar.

The perfected extraction machine

A New York lawyer specializing in securities fraud summarized it this way: “This is the ultimate value extraction machine designed by very capable people.” While ordinary traders lose tens of thousands in tokens that collapse 90% from their highs, operators make hundreds of millions.

The final numbers are telling: in June 2025, the total volume of meme coins fell 92% from the January peak. Investors had been “hunted” so many times that their money simply ran out. Few regulators have intervened. No court has issued a ruling. The most sophisticated creators of the network remain unpunished, raising funds again, launching alternative platforms, preparing the next cycle.

The US government publicly assured that “everything was legal.” Those involved deny irregularities. And while small investors lose their savings, those who built the machine continue operating, silent but active, waiting for media attention to pass so they can restart.

On the blockchain, records remain. On the street, people keep searching for the next big token, the next 100x gains, unable to see the game that was perfected years ago. As a recent market analysis states: if meme coin volume drops 92%, it means the machine is recalibrating, not that it has stopped.