In the wild west of cryptocurrency, where fortunes can flip in an instant, the recent launch of the LIBRA token by Argentine President Javier Milei has sent shockwaves through the meme coin market. It’s a cautionary tale wrapped in excitement, revealing a scandal that implicates not only the president but also hints at a carefully orchestrated pump-and-dump scheme that left 86% of traders collectively nursing losses of a staggering $251 million. While a few fortunate investors pocketed a cool $180 million, the aftermath of this debacle was even more astonishing—the entire meme coin market saw a dizzying $40 billion vanish in mere weeks! As the investigation unfolds, and connections to the controversial MELANIA token surface, one cannot help but ponder: could this be the biggest rug pull in history orchestrated by a sitting president? For those curious about the implications of this saga, including its effects on Argentina’s crypto reputation, buckle up—this rollercoaster ride has only just begun! LEARN MORE
Key Notes
- Analysis reveals 86% of traders lost $251M collectively, while select winners earned $180M, suggesting a coordinated pump-and-dump scheme.
- Investigators linked LIBRA’s development team to MELANIA token, with evidence of insider trading and profit-taking through multiple addresses.
- The scandal’s impact extended beyond LIBRA, causing a $40B drop in the overall meme coin market and damaging Argentina’s crypto reputation.
On 14 February, the President of Argentina, Javier Milei, published a post in X with a link to the website and address of the contract token LIBRA. He called it a ‘private project’ that ‘will be dedicated to encouraging the growth of the Argentine economy by funding small Argentine businesses and startups.’
