The Libra token, endorsed by Argentine President Javier Milei, suffered a dramatic collapse following a $107 million insider rug pull. Within hours of its debut, the token’s value plummeted by 94%, from a market cap of $4.56 billion to just $257 million. On-chain intelligence firm Lookonchain revealed that at least eight wallets linked to the Libra team siphoned $57.6 million in USDC and $49.7 million in Solana.
The token initially gained attention after Milei shared its contract address on social media, describing it as a private project to boost Argentina’s economy. However, after the collapse, Milei deleted the post and blamed political opponents for the incident.
This scandal highlights the risks associated with cryptocurrency investments, especially those involving political endorsements and lack of transparency.
