The president of Argentina, Javier Milei, kicked off a fresh controversy on Saturday, when he announced a crypto token $LIBRA and later withdrew his support after its price spiked several hundred percent within hours.
While Milei deleted the promotional post from his X profile and later clarified to not support such campaigns, the team behind LIBRA project had reportedly obtained over $107 million from LIBRA token’s liquidity pool.
Onchain data analytics platform, Lookonchain has found out that a total of 8 wallets relating to LIBRA team have benefited the most with they amassing approximately $107 million by adding and removing liquidity as well as claiming fees. The funds include $57.6 million of USDC and $49.7 million of SOL.
While the team managed to accumulate such an enormous amount in what we can say a “soft-rug pull” strategy, many investors lost huge amounts of money. Popular crypto trader Ash Crypto notes that a single user lost over $5 million while buying LIBRA token in multiple transactions.
Some analysts consider this event as the biggest rug-pull in the history of crypto, wiping out over $4.4 billion from the market. People who lost funds are mostly retail investors and
After deleting the announcement from X, Milei shared in a subsequent post that “supporting a supposed private enterprise with which I obviously have no connection whatsoever.”
Milei said that he was not fully aware of the project details when first supported and shared the post. “After having become aware of it I decided not to continue spreading the word” he emphasized.
“To the filthy rats of the political caste who want to take advantage of this situation to do harm,” he stated, “I want to say that every day they confirm how vile politicians are, and they increase our conviction to kick them in the ass.”
According to DexScreener data, LIBRA token surged from $0.27 to $4.56 within an hour of launch. The token has accumulated 24 hour trading volume of $1.14 billion and it is currently trading near $0.23 with total liquidity of $51 million.
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