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Argentina’s President Cuts Ties with LIBRA Meme Coin as Insiders Take $107 Million
Argentine President Javier Milei has distanced himself from the LIBRA meme coin after initially promoting it in a now-deleted social media post. The sudden disassociation comes amid allegations of pump-and-dump schemes and insider trading, which have raised concerns about investor protection.
Milei’s initial endorsement on February 14th sparked a surge in LIBRA’s trading activity, pushing its market capitalization to $4.5 billion. However, the token’s value dropped significantly after he retracted his support, falling by as much as 90%.
The controversy centers around suspicious transactions involving the project’s insiders, who allegedly withdrew $107 million before the token’s price collapsed. The move has raised questions about liquidity manipulation and pre-planned withdrawals.
According to reports, eight wallets associated with LIBRA transferred a combined total of $57.6 million in USDC and 249,671 SOL, valued at $50 million. In addition, crypto analyst EmberCN revealed that insiders profited from the price spike by buying LIBRA immediately after Milei’s tweet and selling during the peak.
The LIBRA fallout has sparked renewed scrutiny over politically affiliated meme coins, which have been criticized for their lack of transparency and potential to manipulate market sentiment.
Industry experts such as Andre Cronje, co-founder of Sonic Labs, have expressed concerns about the uninvolved participation of some crypto traders in decentralized finance. Meanwhile, SlowMist founder Yu Xian called for accountability, emphasizing that those responsible should be held accountable by law.
The recent events have reignited debates surrounding investor protection and regulatory oversight in the crypto market.
Source: coinchapter.com
