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The Argentine LIBRA currency experienced a sudden collapse that wiped out $4.4 billion of its market value, affecting the entire meme coin market.

The crisis began with a post from Argentine President “Javier Milei,” who personally promoted the project, stating that it aimed to boost the Argentine economy.

However, in reality, the project lacked transparency, as network analysis showed that 82% of the digital currencies were concentrated in a single wallet.

Within three hours, insiders extracted $87.4 million through liquidity manipulation, using unconventional methods to withdraw funds without direct sales.

Subsequently, the “LIBRA” currency fell by more than 90%, with losses extending to $6 billion in the cryptocurrency market, leading to declines in other meme coins, including the “Trump” coin.

After the incident, President “Milei” deleted his post and denied any association with the project, describing it as a political conspiracy.

However, data from “Bubblemaps” and “Ember CN” confirmed that the team behind “LIBRA” extracted $107 million through eight wallets, marking one of the fastest collapses of meme coins in history.