Whale LIBRA Suffers Losses, Now Gets Compensation of US$5 Million USDC

David Portnoy, the Libra crypto whale, gained a large position in the first 10 minutes of trading for the token. But then he lost 90%, which cost him between US$5.17 million and US$5.34 million.

Then, after his biggest loss, Portnoy asked for compensation from Hayden Mark Davis, the creator of the Libra memecoin. Fortunately, Davis reimbursed Portnoy for US$5 million in USDC losses. Even so, Portnoy still believes that the Libra token is President Javier Milei's attempt to encourage economic growth for small businesses.

It should be noted that the Libra memecoin experienced quite large losses, especially after the President of Argentina openly promoted the token on his X platform.

Even though it had risen, the losses were quite large, reaching 90%. This loss was caused by the activity of 8 crypto wallets which was indicated by the project team, they took quite a lot of tokens so that the Libra memecoin experienced a big decline. Additional information, despite accusations of fraud, Libra memecoin continues to be traded actively.

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