Odaily Planet Daily News Former Facebook executive David Marcus revealed that the company's stablecoin and blockchain project (originally called Libra, later renamed Diem) ultimately came to an end, leading many employees to leave for other blockchain projects. The project was sold to Silvergate Bank in January 2022, which abandoned the project a year later and wrote off its investment. According to the project's former leader and former Coinbase board member David Marcus, behind-the-scenes political machinations were the reason for the project's failure. In a long post on X, he stated, "There was no legal or regulatory perspective from the government or regulators to kill the project. This is 100% political murder—executed through the intimidation of captured banking institutions." Marcus stated that despite "...working continuously for two years and making changes to appease lawmakers and regulators" and receiving limited support from some members of the Federal Reserve Board, including Chairman Powell, the project's political prospects faced strong resistance from Treasury Secretary Yellen, who warned Powell not to let the project continue during bi-weekly meetings. Marcus claimed that Yellen's public opposition was the death knell for the project, writing, "...In fact, this is the moment Libra was killed." (The Block)