Golden Finance reported that former Facebook executives revealed that the company’s stablecoin and blockchain project (originally called Libra and later renamed Diem) eventually came to an end, causing many employees to leave and switch to 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 David Marcus, the former head of the project and a former Coinbase board member, behind-the-scenes political machinations were the root cause of the project’s failure, and there was no legal or regulatory perspective from governments or regulators to kill the project. This is 100% political strangulation - carried out by intimidating controlled banking institutions. "