The launch of Libra (LIBRA), a cryptocurrency endorsed by Argentine President Javier Milei, turned into a financial catastrophe after insiders cashed out over $107 million, wiping out nearly 94% of the token’s value within hours.
According to onchain intelligence firm Lookonchain, at least eight wallets linked to the Libra team siphoned liquidity from the token, pocketing 57.6 million USD Coin
USDC
$0.9998
and 249,671 Solana
SOL
$193.56
worth $49.7 million:
“The $LIBRA team has cashed out $107M! 8 wallets related to the $LIBRA team have obtained 57.6M $USDC and 249,671 $SOL($49.7M) by adding liquidity, removing liquidity and claiming fees.”
Argentina, Cryptocurrencies, Politics, Investments, Hackers, Donald Trump, Scams, Hacks, Cryptocurrency Investment, Tokenomics, Memecoin, Javier Milei
Libra insider wallets. Source: Lookonchain
The Libra token briefly rose to a peak market capitalization of $4.56 billion at 10:30 pm UTC on Feb. 14 before falling over 94% to the current $257 million market cap in just 11 hours since the token debuted for trading on decentralized exchanges, Dexscreener data shows.
Argentina, Cryptocurrencies, Politics, Investments, Hackers, Donald Trump, Scams, Hacks, Cryptocurrency Investment, Tokenomics, Memecoin, Javier Milei
LIBRA/USDC, all-time chart. Source: Dexscreener
The token’s rally began shortly after a now-deleted X post from President Milei, which shared a website and token contract address for Libra, which was a “private project” dedicated to “encourage the growth of the Argentine economy.”
Argentina, Cryptocurrencies, Politics, Investments, Hackers, Donald Trump, Scams, Hacks, Cryptocurrency Investment, Tokenomics, Memecoin, Javier Milei
Milei’s deleted X post. Source: Kobeissi Letter
After the token’s collapse, Milei deleted his endorsement, later issuing a statement on X blaming political opponents:
