Argentina’s President Milei under scrutiny after promoting and deleting post on cratered LIBRA token

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🤑 The President’s Crypto Con 🤑

Argentina’s President Milei under scrutiny after promoting and deleting post on cratered LIBRA token

As the Argentine sun rises over the Pampas, a new scandal brews, like a juicy bug in the president’s garden. President Javier Milei, that most unpredictable of politicians, has found himself at the center of a maelstrom, his fingers dancing across the keyboard, promoting a most…unsettling cryptocurrency.

On Friday, February 14, Milei took to the X platform, touting the LIBRA token as a panacea for Argentina’s economic woes. “It will incentivize the growth of the Argentine economy,” he declared, his words dripping with the honey of sincerity. But, alas, the token’s value quickly ballooned, only to crash and burn, leaving investors to wonder if they had been duped by the president’s clever words.

No soy experto pero para mi Milei viola la ley de ética pública. Un músico no puede tocar en un edificio público pero el presidente puede promocionar desde su cuenta verificada un fondo de inversión o cripto o token como #libra. Estos son los artículos que hay que mirar.

— Pablo Serdán (@pabloserdan) February 14, 2025

Milei’s administration has attempted to spin this as a routine endorsement, claiming the president was simply supporting entrepreneurs. But, dear reader, we know better. The president’s involvement reeks of something more sinister, a “rug pull” scam, where developers lure investors before abandoning a project. Ah, the sweet taste of deceit.

On Sunday, a group of lawyers formally accused Milei of fraud, saying his actions resembled a “rug pull” scam, where developers lure investors before abandoning a project. Lawyer Jonatan Baldiviezo argued that Milei’s involvement was essential to the alleged fraud. The country’s Anti-Corruption Office is now reviewing the case.

“Despite prior commitments, Milei and his team unexpectedly changed their position, withdrawing their support and deleting all previous posts on social media.”

— Hayden Davis, creator of LIBRA token

Milei, meanwhile, dismissed critics as political opportunists, insisting he had no ties to the project. But, dear reader, we know better. The evidence suggests that someone, perhaps an unknown insider, anticipated the LIBRA launch and was compensated with $5 million worth of Circle’s USD Coin (USDC). Ah, the sweet taste of insider trading.

Someone knew in advance that $LIBRA was going to be launched but bought too late, losing 26,577 $SOL($5.34M).

However, this guy appears to have been compensated with 5M $USDC.

1/ Let’s dive into the story on-chain.

— Lookonchain (@lookonchain) February 17, 2025

Analysts at Bubblemaps have linked on-chain wallet to the creator of LIBRA, who cashed out $87 million after the launch. The wallet also sniped LIBRA — meaning it quickly bought into the token at a low price before its value increased — and made $6 million using side addresses funded via cross-chain protocol.

1/ How $LIBRA was created by the same team behind MELANIA and other short-lived coins

Featuring new onchain evidence

A thread with Coffeezilla 🧵 ↓

— Bubblemaps (@bubblemaps) February 17, 2025

Bubblemaps notes that similar on-chain activity was observed with the Official Melania Meme (MELANIA) coin, which has lost over 84% of its value since its launch. Ah, the classic pump-and-dump scheme.

The team also found other tokens tied to the wallet, such as TRUST, KACY, VIBES, and HOOD, which they believe were pump-and-dump schemes. Bubblemaps says the creator of LIBRA has made over $100 million from these projects.

And so, dear reader, we are left with a tangled web of deceit, corruption, and cryptocurrency. The president’s fingerprints are all over this scandal, and it remains to be seen how this will all play out. But one thing is certain: the people of Argentina will not be silenced.

Potential insider activity

Blockchain analysts say someone anticipated LIBRA’s launch but bought in too late, losing over $5.3 million in crypto. Despite this, an unknown insider appears to have been compensated with $5 million worth of Circle’s USD Coin (USDC), according to Lookonchain in a Feb. 17 post on X. Rumors suggest the wallet may belong to Dave Portnoy, who received LIBRA tokens for promotion and had funds ready to buy in advance.

Someone knew in advance that $LIBRA was going to be launched but bought too late, losing 26,577 $SOL($5.34M).

However, this guy appears to have been compensated with 5M $USDC.

1/ Let’s dive into the story on-chain.

— Lookonchain (@lookonchain) February 17, 2025

Analysts at Bubblemaps have linked on-chain wallet to the creator of LIBRA, who cashed out $87 million after the launch. The wallet also sniped LIBRA — meaning it quickly bought into the token at a low price before its value increased — and made $6 million using side addresses funded via cross-chain protocol.

1/ How $LIBRA was created by the same team behind MELANIA and other short-lived coins

Featuring new onchain evidence

A thread with Coffeezilla 🧵 ↓

— Bubblemaps (@bubblemaps) February 17, 2025

Bubblemaps notes that similar on-chain activity was observed with the Official Melania Meme (MELANIA) coin, which has lost over 84% of its value since its launch. Ah, the classic pump-and-dump scheme.

The team also found other tokens tied to the wallet, such as TRUST, KACY, VIBES, and HOOD, which they believe were pump-and-dump schemes. Bubblemaps says the creator of LIBRA has made over $100 million from these projects.

And so, dear reader, we are left with a tangled web of deceit, corruption, and cryptocurrency. The president’s fingerprints are all over this scandal, and it remains to be seen how this will all play out. But one thing is certain: the people of Argentina will not be silenced.

Stay tuned for more updates on this developing story. And remember, dear reader, in the world of cryptocurrency, nothing is as it seems.

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2025-02-17 11:44