The volatile memecoin LIBRA was created by the same team behind US First Lady Melania Trump’s MELANIA asset, according to the blockchain analytics and visualization platform Bubblemaps.
Argentinian President Javier Milei backed the launch of LIBRA, a token supposedly designed for “encouraging the growth of the Argentine economy.”
[adinserter block="1"]LIBRA’s market cap soared to $4 billion within hours before the price collapsed, and Milei backtracked his support of the coin.
Bubblemaps teamed up with crypto journalist and YouTuber Coffeezilla to analyze cross-chain transfers and timing patterns for LIBRA and MELANIA.
“It all started when we investigated sniper activity on MELANIA. One address stood out: P5tb4, which made over $2.4 million. But something else caught our attention:
This address sent all the profits to 0xcEA, a wallet linked to the creator of MELANIA. The transfer was done using USDC Cross-Chain Transfer Protocol (CCTP). There are multiple ways to connect 0xcEA with the creator of MELANIA, through funding transactions and cross-chain transfers. We’re confident these aren’t coincidental.
This means the creator of Melania – or someone close to their team – sniped their own launch. We kept a close eye on this address to track their activity. Weeks later, we noticed that 0xcEA is funding DEfcyK, the creator of LIBRA. Yes, the same creator of LIBRA who cashed out $87 million.
To make it worse, 0xcEA also sniped LIBRA and made $6 million in profit, using multiple side addresses funded via CCTP. This is similar to the MELANIA case.”
Bubblemaps also detected other token launches tied to 0xcEA that were “clear pump and dumps.”
Coffeezilla later interviewed Hayden Davis, one of the creators of LIBRA. During the interview, Davis copped to also being involved with the MELANIA launch and sniping it.
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