#MileiMemeCoinControversy Big Scam in Crypto!!!
I hope you had a good weekend, folks. Just when it seemed like the latest memecoin hype was fading, another world leader is in hot water over promoting a token this Presidents' Day.
In today's newsletter, Javier Milei faces fraud charges over the LIBRA memecoin scandal, someone burns and donates millions of dollars worth of ether to spread "brain control" warning messages onchain, analysts outline the key catalysts for a continued bitcoin bull run and more.
Argentinian President Javier Milei faces fraud charges over his involvement in the Solana-based LIBRA memecoin, which collapsed 95% from its peak.
LIBRA emerged last Friday after Milei promoted the token on X before later deleting the post. The memecoin's price briefly surged to a market cap of nearly $5 billion before crashing.
"Within this illicit association, the crime of fraud was committed, in which the president's actions were essential," plaintiff Jonatan Baldiviezo told the Associated Press, while some members of his political opposition called for an impeachment trial.
Milei maintained his innocence, denying prior knowledge of the token, and has called for an anti-corruption investigation.
Blockchain analysts at Bubblemaps linked LIBRA and First Lady Melania Trump's official memecoin to the same entity, alleging insider trading and coordinated sniping on both tokens.
In a later interview with YouTuber and crypto sleuth Coffeezilla, Davis admitted the LIBRA team sniped tokens at launch, claiming it was done to deter others from doing so, but acknowledged profiting from the tactic.
Davis claimed Tech Forum Argentina's Mauricio Novelli, Manuel Godoy and Kip Protocol are central members of the Libra memecoin project.
Onchain data suggests insiders extracted millions of dollars from LIBRA, while Davis claims to control but not own $100 million of the project's sniped funds as the scandal unfolds.
