Javier Milei is distancing himself from the catastrophic debut of the $LIBRA meme coin, stating he “is unaware of the specifics.”
The token was initially advertised on Milei’s official X profile, but investors swiftly became apprehensive about potential internal manipulation and the legitimacy of the token’s financial assertions. Substantial holders purportedly manipulated liquidity pools on Meteora to gain profits, leaving retail investors to endure losses. Chain analysis company Bubblemaps discovered that in three hours, fewer than ten insiders cashed out $87.4 million, with 82% of the token supply concentrated in a single cluster. The project’s website was hastily established just hours before its launch and provided minimal transparency beyond a Google form for funding requests.
Argentina’s President Javier Milei has distanced himself from the disastrous launch of the Solana-based meme coin $LIBRA, which witnessed its market capitalization plummet from $4.5 billion to a mere $200 million in a matter of hours. Milei’s account had announced $LIBRA as a “private project” designed to stimulate the Argentinian economy by funding small businesses. According to its website, Kip Protocol, which operates in the decentralized AI sphere, is the sole project explicitly identified as participating in the $LIBRA event.
Peh stated, “The funds are still on the chain and will not move any SOL.” Its founder, Julian Peh, rejected allegations of insider trading, asserting that no funds had been sold. According to Peh, his company still intends to finalize the Libertad project (the project behind the $LIBRA meme coin), but he did not provide any specifics.
Following a 90% crash in the $LIBRA meme coin, Milei deleted the promotional post, and insiders cashed out $87 million within hours of $LIBRA’s launch. DexScreener data indicates that trading volume has surpassed $1.1 billion since its launch.
Milei asserts he “is unaware of the specifics,” distancing himself from the $LIBRA meme coin’s collapse. TruBit Collaborates with Morpho to Introduce DeFi Unearned Revenue in Latin America
According to Peh, his company still plans to complete the Libertad project (the project behind the $LIBRA meme coin), but he did not disclose any details. Milei’s account announced that $LIBRA was a “private project” designed to boost the Argentinian economy by funding small businesses. Insiders cashed out $87 million within hours of $LIBRA’s launch, and Milei deleted the promotional post after the $LIBRA meme coin crashed by 90%. According to its website, Kip Protocol, which operates in the decentralized AI field, is the only project explicitly identified as participating in the $LIBRA event. Chain analysis firm Bubblemaps found that in three hours, fewer than ten insiders cashed out $87.4 million, with 82% of the token supply concentrated in one cluster. Peh said, “The funds are still on the chain and will not move any SOL.” Its founder, Julian Peh, dismissed claims of insider trading, claiming that no funds had been sold. The token was initially promoted on Milei’s official X account, but investors quickly became concerned about insider manipulation and the authenticity of the token’s financial claims. The project’s website was hastily registered hours before launch and offered little transparency beyond a Google form for funding applications. Argentina’s President Javier Milei has distanced himself from the disastrous launch of the Solana-based meme coin $LIBRA, which saw its market capitalization plummet from $4.5 billion to a mere $200 million in a matter of hours. Large holders reportedly manipulated liquidity pools on Meteora to extract profits, while retail investors suffered losses. Since its launch, DexScreener data shows that trading volume has exceeded $1.1 billion.
Milei later expressed that he did not “know the particular circumstance” and took down his update. Toncoin (TON) Value Forecast for March 26th
This about-face has amplified uncertainty, notably considering his prior participation in the Coinx World digital currency fraud in 2022.
Before his election as president, Milei had openly endorsed Coinx, but the firm was subsequently scrutinized for deceitful actions and untrue investment guarantees.
*Kyle Baird serves as the weekend editor at DL News. Should you possess a tip, kindly send an email to [email protected].*
