Shocking LIBRA Coin Scandal: President’s Tweet Sparks $107 Million Heist! 💰😱

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In a twist befitting a farcical comedy, Argentina’s President Javier Milei has suddenly found himself in a tangled web of meme coin mischief, distancing himself from the LIBRA meme coin after a tweet that vanished faster than a magician’s rabbit. 🐇✨

His hasty clarification comes on the heels of accusations that the project’s developers, in a most theatrical fashion, drained a staggering $107 million, leaving behind a trail of what appears to be a classic pump-and-dump scheme. 🎭💸

LIBRA Meme Coin Controversy

On the fateful day of February 14, a day typically reserved for love, Milei’s X account endorsed LIBRA, a Solana-based meme coin, igniting a trading frenzy that sent the token’s market cap soaring to a dizzying $4.5 billion. Investors, like moths to a flame, rushed in with gleeful abandon. 🔥💔

The project, with all the sincerity of a politician on election day, claimed its noble goal was to bolster Argentina’s economy by funding small businesses and local ventures. Julian Peh, co-founder of KIP Protocol, chimed in, assuring us that their role was merely to manage fund distribution, not to oversee the token itself. How reassuring! 🙄

“Our primary role is to help run the fund allocation to the Argentinian companies, and less on the token side. We are not the [Market maker]…We will put together the plan to run the Project Libertad as per the original objective. We would not have gotten the help we did to launch it if we were not serious. Not a single SOL will be used outside of the purpose of running Project Viva La Libertad,” Peh declared, with all the gravitas of a seasoned politician. 🎩

However, as the curtain rose on this grand performance, doubts began to swirl like a tempest. Crypto analyst Conor Grogan pointed out that the wallet deploying LIBRA had received funds from an exchange that, shockingly, does not require Know Your Customer (KYC) verification. How scandalous! 😲

As the plot thickened, Milei took to the stage, claiming he had merely shared the project to support a private initiative, a common pastime for him. Upon further reflection, he retracted his endorsement and deleted the post, leading to LIBRA’s price plummeting by around 90%. Talk about a dramatic fall from grace! 📉

“I was not aware of the details of the project and after having become aware of it I decided not to continue spreading the word (that is why I deleted the tweet). To the filthy rats of the political caste who want to take advantage of this situation to do harm, I want to say that every day they confirm how vile politicians are, and they increase our conviction to kick them in the ass,” Milei exclaimed, channeling his inner Shakespeare. 🎭

Meanwhile, blockchain analysis from Lookonchain revealed that insiders had withdrawn approximately $107 million, with eight wallets linked to the project moving $57.6 million in USDC and 249,671 SOL, worth nearly $50 million. Analysts suggested these withdrawals were tied to liquidity manipulation and accumulated fees. Quite the heist, wouldn’t you say? 🕵️‍♂️💰

Additionally, crypto analyst EmberCN reported that insiders made at least $20.18 million by front-running the promotional tweet, buying mere seconds after it was posted, and selling after the price spike. A true masterclass in opportunism! 🎩💸

Political Meme Coins and Industry Reactions

The LIBRA fallout has cast a long shadow over the world of politically affiliated meme coins. Similar speculation surrounded the launch of the TRUMP token in January and the Central African Republic’s CAR meme coin. Traders, in a frenzy, rushed to buy in before pausing to question their legitimacy. While those tokens turned out to be authentic, LIBRA’s rapid collapse has sent shockwaves through the crypto community. 😱

Industry figures have condemned the situation. Sonic Labs co-founder Andre Cronje criticized the trend, suggesting that

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2025-02-15 14:37