When LIBRA Turns into a Comedy of Errors: Profits for Some, Losses for Many! 😂💸

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Ah, the tale of the LIBRA meme coin, where 86% of traders, like hapless characters in a tragicomedy, found themselves nursing wounds amounting to a staggering $251 million in losses, as revealed by the astute analysts at Nansen.

Yet, amidst this sea of despair, a select few emerged, clutching their $180 million in profits as if they had just discovered a hidden treasure in a dusty attic. How delightful! 🎉

LIBRA Insiders and Snipers’ Profits vs. Retail Losses

The report, akin to a well-crafted novel, unveils the dramatic rise and fall of the LIBRA token. This controversial meme coin, buoyed by the enthusiastic endorsement of Argentina’s President Javier Milei on February 14, 2025, briefly soared to a $4.5 billion valuation. A fairy tale, indeed!

Initially, it was marketed as a noble endeavor to fund small businesses in Argentina. However, as the plot thickened, our dear President Milei hastily deleted his endorsement tweet, while Hayden Davis, a key figure in this saga, dismissed it as nothing more than a whimsical meme project. Oh, the irony! 😏

This stark contrast between the initial promise and the subsequent reality ignited accusations that the token was merely a clever ruse for insiders to line their pockets.

According to Nansen’s on-chain data, the insiders and skilled traders danced away with significant profits, while the majority of investors were left to lament their heavy losses. One particularly shrewd trader, known as HyzGo2, managed to turn a mere $5.1 million profit by buying early and exiting within a mere 43 minutes. Talk about a quick getaway! 🏃‍♂️💨

Another wallet, 8bZsrR, realized a jaw-dropping $25 million in gains. However, Nansen’s further analysis revealed that these funds were scattered across seven wallets, with some exiting at a loss. A classic case of “divide and conquer,” perhaps?

A major revelation in the report suggests that many of the top profiteers were not individual investors but rather trading bots and insiders. Only 37 of the earliest 57 wallets that entered LIBRA managed to make over $1,000 in profit, hinting that sniping bots played a pivotal role in the initial price surge. How quaint! 🤖

The Nansen report also highlights Barstool Sports founder Dave Portnoy among the high-profile victims of the LIBRA collapse. He reportedly lost $6.3 million on the token, but lo and behold, on-chain data reveals he was later refunded $5 million. A curious case of selective reimbursements, wouldn’t you say? 🤔

According to Nansen, off-chain confirmations from both Portnoy and Davis confirmed the reimbursement, further fueling the flames of controversy.

Arkham Identifies Kelsier Ventures’ Holdings

Adding yet another layer to this unfolding drama, blockchain intelligence firm Arkham announced it had identified over 1,000 addresses linked to Kelsier Ventures, operated by none other than Hayden Davis. The firm revealed that Kelsier still holds nearly $300 million in funds, including a hefty sum of LIBRA. Quite the nest egg! 🥚

“We have identified over 1000 addresses belonging to Kelsier Ventures, a.k.a. Hayden Davis. Kelsier addresses that hold LIBRA-associated funds are tagged in our ‘Libra’ entity. Kelsier addresses separate from the LIBRA project are tagged as ‘Kelsier Ventures (Hayden Davis)’,” Arkham reported.

Furthermore, Arkham indicated that Kelsier’s Libra entity contains roughly $100 million in extracted USDC and SOL from liquidity pools. Meanwhile, the Kelsier Ventures entity controls a staggering 70% of the supply of another coin, BRYAN. A veritable empire! 🏰

Meanwhile, the collapse of LIBRA had broader implications beyond the token itself. The meme coin’s unraveling coincided with a 16% decline in Solana’s price and a liquidity outflow from Solana-based projects into

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2025-02-20 11:11