15.02.2025 05:53
**Deleterious Consequences of a Fraudulent Meme Coin**
The Argentinian President, Javier Milei, recently shared a meme coin known as $LIBRA on his X account. The coin was touted as a private initiative designed to bolster the Argentinian economy. However, within mere hours of its launch, it had vanished $4.4 billion from the market.
Javier Milei's initial X post, since deleted, suggested that the project intended to provide financial support to fledgling Argentinian startups and small businesses. The Kobeissi Letter initially corroborated this on X by reporting multiple endorsements from Argentinian politicians, dispelling suspicions of a compromised presidential account.
Despite these assurances, the project's website raised red flags. It directed users to a Google Form for funding applications, a peculiar arrangement for a project of its magnitude. Furthermore, the domain had been registered for only one year and created shortly before the launch.
The launch saw a rapid liquidation of $LIBRA by large holders, resulting in gains exceeding $4 million. The coin reached a peak market cap of $4.6 billion before plummeting in a precipitous decline. Bubblemaps data indicates that insiders cashed out $87.4 million within the first three hours.
In a subsequent X post, Javier Milei expressed his lack of knowledge regarding the project's specifics. He retracted his earlier endorsements to prevent further dissemination of the scam. At the time of writing, $LIBRA's market cap stands at $162.0 million, a stark reminder of the devastating impact of fraudulent cryptocurrencies.
