Not to be confused with libra-token, the $LIBRA Solana memecoin promoted by Argentine President Javier Milei in February 2025.
Libra / Diem
Last changed 2026-10-10 · Score recalculated — Rescored under Scoring v2, the published formula (avoid.net/scoring): 25 → 46. Problems weighed by who is responsible: concerns that are not fraud −34.4, problems around the subject, caused by others −0.6; legitimacy credit long-running +6; fact-check adjustments (−5) now shown as page reliability, not in the score. Version history →
Why this score
| Every page starts at | 65 |
| Concerns that are not fraud | -34.4 |
| Problems around it, caused by others | -0.6 |
| Long-running | +6 |
| Sum | 36 |
Score: 46/100 (kept between 0 and 100)
How scoring works →Summary
Libra was a proposed global cryptocurrency announced by Facebook (now Meta) on June 18, 2019, initially designed as a multi-currency-backed stablecoin governed by an independent consortium called the Libra Association. The project faced immediate and sustained opposition from U.S. and international regulators, lost the majority of its founding payment-industry partners within months of announcement, underwent significant structural changes and a rebrand to Diem in December 2020, and ultimately shut down in January 2022 when the Diem Association sold its intellectual property and technology assets to Silvergate Capital Corporation for approximately $182 million. The acquired assets were subsequently written down to near zero when Silvergate itself collapsed in March 2023.
Connected Entities
2 entities · 60 linked investigations- Libra / Diem→mentioned with→Coinbase(65%)
Connected Through
2 shared actors · 213 investigationsDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- ♦Coinbasetoken
- □Libra / Diemorganization
Timeline(17 events)
18 June 2019
Facebook announces the Libra cryptocurrency project and publishes a whitepaper describing a multi-currency-backed stablecoin governed by the Libra Association, a Geneva-based nonprofit consortium. Calibra subsidiary announced as wallet provider.
PYMNTS.com — A Brief History Of Libra16 July 2019
David Marcus, head of Calibra, testifies before the U.S. Senate Committee on Banking, Housing, and Urban Affairs. Senators express deep skepticism and distrust of Facebook's ability to steward a global currency.
Senate Banking Committee — Marcus Testimony17 July 2019
David Marcus testifies before the House Financial Services Committee. Chair Maxine Waters calls for a halt to Libra development.
CNBC4 October 2019
PayPal becomes the first major founding member to withdraw from the Libra Association, citing regulatory uncertainty.
CNBC11 October 2019
Visa, Mastercard, eBay, Stripe, and Mercado Pago announce withdrawals from the Libra Association, less than a week before the formal charter signing ceremony.
CNBC14 October 2019
Libra Association holds its first formal council meeting and charter signing in Geneva with remaining members.
FinTech Futures23 October 2019
Facebook CEO Mark Zuckerberg testifies before the House Financial Services Committee on Libra and other topics for approximately six hours. Lawmakers from both parties express continued concern.
House Financial Services Committee — Zuckerberg Testimony21 January 2020
Vodafone withdraws from the Libra Association.
The Rise and Fall of Facebook's Libra Cryptocurrency — HulkApps16 April 2020
Libra Association publishes whitepaper version 2.0, replacing the multi-currency basket design with individual single-currency stablecoins and formally applies for a payment system licence from FINMA in Switzerland.
FINMA — Libra Association Licensing ProcessDecember 2020
The Libra Association rebrands as the Diem Association; the currency is renamed Diem. Facebook's Calibra wallet was already renamed Novi earlier in 2020.
CNBCOctober 2021
Facebook launches a limited pilot of the Novi wallet in the U.S. and Guatemala using the Paxos Dollar (USDP) instead of Diem, as Diem had not received regulatory approval.
Banking Dive27 January 2022
Reports surface that the Diem Association is in discussions to sell its assets after U.S. federal regulators made clear the project would not receive approval to launch.
TechCrunch31 January 2022
Diem Association announces the sale of its intellectual property and technology assets to Silvergate Capital Corporation for approximately $182 million ($50 million cash plus approximately 1.2 million Silvergate Class A shares). The Association announces it will wind down operations.
CoinDeskFebruary 2022
The formal dissolution of the Diem Association is reported. Meta confirms the Novi wallet will also be shut down.
CNN BusinessJuly 2022
Meta shuts down the Novi digital wallet, approximately ten months after its limited pilot launch.
FXStreet — Meta signals closure of Novi wallet2023
Silvergate Capital takes a $196 million impairment charge on the Diem intellectual property acquired in January 2022, writing down the assets to near-zero value and abandoning plans to launch its own stablecoin using the technology.
Decrypt8 March 2023
Silvergate Bank announces voluntary liquidation and wind-down, following a bank run triggered by its exposure to FTX and crypto-sector withdrawals. The Diem technology assets acquired for $182 million are rendered worthless.
Protos — A comprehensive timeline of Silvergate's downfallDecision Log
- slot 457911270 · hash EjhxRz6ncwznsYKigjmskh9LVihmWfYFFVAwFUNHubSb
- slot 455362775 · hash 3nAF7G6u2ZUaKQaHKuP1fNCCZV55QK5LpAcpZ1cyiPZ1
- slot 443515966 · hash CTQLXHF3TqVoU7EuBNR2Y5HxRTjGJHANGUwJG8s3rqea
- slot 443515963 · hash E8K8oqQUPpzmi5wKPnhAhmt7ZieGnpBnCp9KKZ7XcDpq
- slot 443507003 · hash EMi29xX23jphidJcEUwSVBNu6Gh4SPqi6tLRLhwwJkvu
This investigation is cryptographically anchored to the Solana blockchain (5 decisions). 22 of 22 cited source URLs have an Internet Archive snapshot.
model: claude-sonnet-4-6
generated: 8/11/2026, 12:18:48 PM
last updated: 10/10/2026, 6:42:56 PM
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