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LIBRA Token Creator Cashes Out Millions from Melania Memecoin Craze
The creator of the LIBRA token, Davis, has been caught manipulating the market and cashing out millions in profits. According to a recent investigation, Davis’ wallets have been involved in significant transactions, including using funds meant for MELANIA, a memecoin he was promoting, to bet against the price of Bitcoin.
It appears that Davis used a portion of these funds to farm the MET token, which is associated with Meteora protocol. This lucrative strategy has yielded an additional $2.5 million in profits for Davis.
The sharp decline in MELANIA’s capital, from over $3.8 billion to just over $150 million, can be attributed to the developers’ gradual withdrawal of funds without raising immediate attention. It is believed that these withdrawals are being executed through different DeFi strategies.
Davis has already admitted to manipulating the launches of both MELANIA and LIBRA in an interview with YouTuber Coffeezilla. This admission has put additional pressure on both U.S. and Argentine authorities to take further action against Davis, as well as those involved in the scandal.
Meanwhile, the Office of the Attorney General in Argentina is conducting a technical audit of LIBRA’s smart contract. Additionally, Senator Elizabeth Warren has demanded an investigation into the SEC’s handling of memecoins backed by Donald Trump and his associates.
As the situation continues to unfold, it remains to be seen what actions will be taken against Davis and other parties involved in the scandal.
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Source: https://crypto-economy.com/libra-token-creator-cashes-out-millions-from-melania-memecoin-craze/
