After insiders cashed out over $107 million, the launch of Libra token (LIBRA), a cryptocurrency supported by Argentine President Javier Milei, descended into financial chaos, wiping out nearly 94% of the token’s value in a matter of hours.
The $LIBRA team has cashed out $107M!
8 wallets related to the $LIBRA team have obtained 57.6M $USDC and 249,671 $SOL($49.7M) by adding liquidity, removing liquidity and claiming fees.
Wallets:
DefcyKc4yAjRsCLZjdxWuSUzVohXtLna9g22y3pBCm2z… pic.twitter.com/vpd7nGyMHQ— Lookonchain (@lookonchain) February 15, 2025
Lookonchain, an onchain intelligence firm, claims that at least eight wallets associated with the Libra team stole liquidity from the token, keeping 249,671 Solana worth $49.7 million and 57.6 million USD Coin.
Libra token market capitalization drops by over 94%
Dexscreener data indicates that in just 11 hours since the Libra token’s debut for trading on decentralized exchanges, its market capitalization has dropped by over 94% to its current $257 million. This comes after the token briefly reached a peak of $4.56 billion at 10:30 pm UTC on February 14.
A now-deleted X post from President Milei that shared the website and token contract address for Libra, a “private project” aimed at “encouraging the growth of the Argentine economy,” preceded the token’s rally. After the token’s demise, Milei retracted his endorsement and then accused X in a statement of being a political rival.
Hace unas horas publiqué un tweet, como tantas otras infinitas veces, apoyando un supuesto emprendimiento privado del que obviamente no tengo vinculación alguna.
No estaba interiorizado de los pormenores del proyecto y luego de haberme interiorizado decidí no seguir dándole…
— Javier Milei (@JMilei) February 15, 2025
LIBRA removes over $4 billion from the market value following insider sales
Insider wallets cashing out on the token just three hours after it went live for trading caused its over 94% decline, according to data made public by the Kobeissi Letter. Even prior to the meltdown, other blockchain data companies had issued warnings regarding the project’s tokenomics. Bubblemaps, a blockchain analysis firm, had issued a warning regarding LIBRA’s problematic tokenomics, exposing that 82% of the supply was unlocked and immediately marketable.
Javier Milei just DESTROYED the memecoin market:
Hours ago, Argentinian President Milei launched a memecoin, $LIBRA, for “the growth of their economy.”
Within 5 hours, over -$4.4 BILLION of market cap was erased.
Is this the biggest rug pull in history?
(a thread) pic.twitter.com/t4T69r851d
— The Kobeissi Letter (@KobeissiLetter) February 15, 2025
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