#MileiMemeCoinControversy Everything to Know About the $LIBRA Memecoin Scandal: From $4.5 Billion Hype to Fraud Charges

Argentina’s President Javier Milei announced the launch the $LIBRA memecoin over the weekend, with backers such as Kelsier Ventures, KIP Protocol, among others, with the stated goal of funding Argentina’s economic development.

The launch generated massive hype, pushing the coin’s fully diluted valuation (FDV) to an eye-watering $4.5 billion.

However, the tokenomics were heavily skewed in favor of insiders, with 95% of the supply unlocked for team members and early investors.

Here’s everything that happened since then.

Liquidity was initially provided through a single-sided LP on Meteora, but as prices surged, liquidity was gradually removed.

Kelsier Ventures reportedly pocketed over $110 million through liquidity provision and token sales.

As the details of insider allocations and liquidity maneuvers became apparent, $LIBRA’s price collapsed to a $300 million FDV.

Following the fallout, Milei publicly distanced himself from the project, but this did not prevent Argentine opposition leaders from accusing him with fraud.

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