Insiders extracted over $100 million from crypto markets after Argentinian President Javier Milei backed the launch of a memecoin that was supposedly designed to support the growth of the country.
In a now-deleted post, Milei announced the launch of LIBRA, a token designed for “encouraging the growth of the Argentine economy,” along with a Solana (SOL) contract address.
LIBRA’s market cap went to $4 billion within hours before the price collapsed, and Milei backtracked his support of the coin.
Says Milei in Spanish,
“A few hours ago I posted a tweet, as I have so many other times, supporting a supposed private enterprise with which I obviously have no connection whatsoever.
I was not aware of the details of the project and after having become aware of it I decided not to continue spreading the word (that is why I deleted the tweet).
To the filthy rats of the political caste who want to take advantage of this situation to do harm, I want to say that every day they confirm how vile politicians are, and they increase our conviction to kick them in the a**.”
According to blockchain tracking firm Lookonchain, the insiders behind the launch of LIBRA profited over $107 million in USDC and SOL from selling their supply of coins to the retail latecomers.
“The LIBRA team has cashed out $107 million!
Eight wallets related to the LIBRA team have obtained 57.6 million USDC and 249,671 SOL ($49.7 million) by adding liquidity, removing liquidity and claiming fees.”
LIBRA is currently trading 92% down from its all-time high.
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