Dave Portnoy, the media mogul and founder of Barstool Sports, recently faced a mishap when he spent 170,000 USD to mistakenly purchase a fake LIBRA coin instead of the real LIBRA that had been promoted by Argentine President Javier Milei.

"Accidental Purchase" and Portnoy's Warning

Right after discovering that he bought it by mistake, #Portnoy lamented on X (formerly Twitter) and warned everyone not to invest too much in this coin. He emphasized:

"Who wants to buy fake LIBRA? This is a memecoin. I bought it by mistake. It can skyrocket or collapse. Don't invest more than you can afford to lose!"

Portnoy also publicly disclosed the contract address of this coin, causing many to doubt his true motives. In the crypto space, when an influential person mentions a coin, its price usually rises, leading to questions about whether Portnoy is trying to create "exit liquidity" – exploiting community interest to sell coins and cut losses.

Fake LIBRA Coin Surges 3000% Then Plummets

After Portnoy publicly shared the information, this fake LIBRA coin surged over 3000%, pushing its market cap to 27 million USD. However, after he admitted to buying it by mistake, the price of the coin plummeted, currently with a market cap of only about 2.46 million USD. Portnoy's investment of 170,000 USD is now only 50,000 USD, meaning he has lost more than two-thirds of his initial investment.

The story becomes more complicated when Portnoy was previously involved with the real LIBRA – a memecoin promoted by Argentine President Javier Milei, who then unexpectedly turned his back, causing a severe wave of criticism. In a conversation on X Space, Portnoy mentioned that he was initially very interested in LIBRA because of President Milei's involvement and had intended to serve as an advisor for the project.

However, when he discovered that the project required him to keep the receipt of 6 million LIBRA confidential, Portnoy saw suspicious signs and decided to return all the tokens, refusing to promote LIBRA.

Market Manipulation Drama and the Conspiracy Behind LIBRA

Behind #libra is Kelsier Ventures, an organization accused of collaborating with Meteora and the memecoin launchpad M3M3 to manipulate the market, conducting a series of pump & dump schemes on the Solana network. They are suspected of having exploited the names of celebrities (KOLs) to profit and embezzle over 200 million USD from similar scams.

Not only LIBRA, this organization is also involved with the memecoin MELANIA, linked to the name of the First Lady of the United States. This has sparked a wave of criticism about the sophisticated scams in the current crypto market.

Conclusion and Risk Warning

The case of Dave Portnoy serves as a wake-up call about the risks of investing in memecoins and unclear cryptocurrency projects. At the same time, the story also highlights the complexity and lack of transparency in the crypto space, especially when influential figures are involved.

⚠️ Risk Warning:

The cryptocurrency market always carries high risks with strong price volatility. The information in this article is for reference only and is not investment advice. Please do thorough research before participating in the crypto market to avoid unnecessary financial risks.#anhbacong