A former Facebook executive revealed that the company's stablecoin and blockchain project (initially called Libra, later renamed Diem) ultimately came to an end, leading many employees to leave and turn to other blockchain projects. The project was sold to Silvergate Bank in January 2022, which abandoned the project and wrote off its investment a year later.

According to the project's former head and former Coinbase board member David Marcus, the political conspiracy behind the scenes is the root cause of the project's failure, with government or regulatory bodies lacking the legal or regulatory angles to stifle the project. This is 100% political stifling—executed by intimidating controlled banking institutions.