Argentine President "endorses" $LIBRA: The leeks-cutting trap behind the $107 million cash-out 🚨
💥The core of the incident
On February 15, the official X account of Argentine President Javier Milei announced the launch of MEME coin LIBRA, and the market value soared to $4 billion before crashing. The team was exposed to have removed the $87 million liquidity pool, and the president urgently deleted the tweet to distance himself from the matter. This farce exposed the insider trading and liquidity manipulation in the crypto market.
🕒A quick look at the timeline of leeks-cutting
1️⃣ Insider sniping
- At 6 a.m.: Milei released the LIBRA contract address, and 3 insider addresses cashed out $20.18 million within 1 hour.
- Typical operation: A certain address ambushed 1 million USDC before the tweet, and sold at a high point to make a profit of $8.58 million (8.5 times).
2️⃣ Team Pool Draw
- 10 am: The project party withdrew the liquidity pool (87M USDC+SOL) within 4 hours, and the coin price crashed from $4.61 to $0.5.
- On-chain data: 82% of tokens are controlled by a single entity, and there is no disclosure of token economics.
3️⃣ Emergency Cut
- 11:30: Milei deleted the tweet saying "being used"; KIP Protocol stated that the president was not involved in the development.
- 14:00: KIP co-founder Julian argued that he only managed fund allocation and there was no pre-sale of tokens.
4️⃣ On-chain Harvest
- The team-related wallet cashed out $107 million (57.6 million USDC+249,000 SOL).
- The total profit from insider trading exceeded $30 million, and a whale cashed out $6.72 million in a single transaction.
📉Tearful loss record
- 24 traders lost more than one million US dollars, and the largest single-account loss was 5.17 million US dollars💔.
- The Solayer team revealed that they lost 2 million, and pointed out that the KIP Protocol members were "hackers"👾.
- Typical case: an investor entered the market with 2.85 million US dollars, and only 780,000 was left after 2 hours.
⚠️Deep-seated contradictions and investment warnings
1️⃣ Economic difficulties breed speculation
Argentina's inflation rate is 277%, and the currency has depreciated by 1500:1. LIBRA exposes policy contradictions and regulatory vacuums.
2️⃣ Celebrity token trust crisis
From Trump's TRUMP coin to LIBRA, politician-endorsed projects have become systematic harvesting tools.
3️⃣ Liquidity manipulation risks
Unilateral fund pool, team control of more than 80%, second-level withdrawal of pools, ordinary investors have become lambs to be slaughtered.
📖Summary: Be wary of politicians' concept coins without physical support, and stay away from projects that do not disclose token economic models🚩. The crypto market needs to establish a more transparent insider trading supervision mechanism, otherwise the LIBRA-style farce will be repeated.
