Table content
Javier Milei is embroiled in controversy due to his endorsement of LIBRA, a token built on Solana. The token’s worth nosedived sharply over the weekend, plummeting 95% from $4.5 billion to a paltry $200 million. Milei is currently confronting allegations of deceit and demands for his removal from office as a result of his connection to this faltering digital currency.
In all candor, initially I was quite ignorant of the happenings surrounding this undertaking. However, subsequent to conducting some investigation and acquiring a comprehensive understanding, I discerned that it was no longer something I desired to be linked to, thus I withdrew my backing.”
Within the cryptocurrency sphere, “snipers” represent investors employing bots for automated transactions. They swiftly appear when a fresh cryptocurrency debuts, acquiring considerable quantities to inflate its value, subsequently disposing of them rapidly for financial gain. It resembles a digital heist.
*DL News* was unable to verify this independently.
The KIP Protocol is disassociating itself, stating they “didn’t initiate the project, oversee the token’s release, or acquire any tokens before or after the launch.” They also refute labeling LIBRA as a “KIP Protocol project.”
## The $100 Million Inquiry
What will become of the $100 million Davis manages? That constitutes the primary enigma.
Davis presented four alternatives to Findeisen:
1. **No reimbursements:** Allocate the funds to a non-profit organization in Argentina. However, he acknowledged this would likely provoke significant outrage.
2. **Partial reimbursements:** Return a portion of the funds based on investors’ losses. Yet, Davis considers it excessively intricate and challenging to execute equitably.
3. **Reintroduce the funds:** Reinvest the capital into the token’s liquidity pool. This approach is contentious as it could enable those “snipers” and early traders to continue profiting, while ordinary investors remain at a disadvantage. Findeisen contended this would permit insiders to “acquire a multitude of LIBRA tokens at a reduced cost” prior to the artificial price increase.
4. **Retain the funds:** Await directives from Milei’s team. Nevertheless, Davis asserts he has received “no communication” from the president or his office.
Davis stated, “I am making decisions on behalf of the Argentine government, yet they have distanced themselves from this.”
## Cryptocurrency Market Summary
* Bitcoin has decreased by 0.8% in the past 24 hours, trading at $96,370.
* Ethereum has increased by 2.1% during the same timeframe, reaching $2,765.
**This Week’s Publications**
* **XRP’s Increase Following SEC Acceptance:** *DL News* examines XRP’s cost rise after an SEC affirmation, featuring three supplementary elements impacting its worth.
* **Trump’s Crypto Counselor Anxieties:** *Unchained* informs on Trump’s reluctances concerning his digital currency advisory group, suggesting at probable alterations in his crypto tactic.
* **Are Crypto Basics Significant?:** *Milk Road* plunges into the time-honored query of whether basic assessment has importance in the crypto arena.
* **Abu Dhabi’s Independent Assets Finances Heads Bitcoin ETF Possessions:** *DL News* uncovers that Abu Dhabi’s independent assets finances controls the graphs with a $460 million stake in Bitcoin ETFs, showing organizational self-assurance.
