$5.34M Gone! Did Dave Portnoy Bet Too Late on $LIBRA? Shocking Twist Unfolds!
A $5.34M loss, sudden compensation, and a possible insider deal—did Dave Portnoy’s $LIBRA gamble take an unexpected turn?
Renowned internet personality Dave Portnoy has found himself at the center of a high-stakes crypto blunder after reportedly losing $5.34 million on $LIBRA.
According to Lookonchain, a wallet suspected to belong to Portnoy purchased $LIBRA late, leading to massive losses. The wallet, identified as “3apupK…Z1LF,” was created a day before the token’s launch and received 29,000 SOL ($5.76M). However, it started buying $LIBRA nine minutes after launch, by which time the price had already surged to $1.75. The wallet ended up acquiring 2.3 million LIBRA at $2.51 per token.
As $LIBRA’s value spiked to $4.56, a sharp decline followed, leaving the wallet down by over $5 million. Subsequently, 4.5 million USDC was transferred into the wallet, with an additional 500,000 USDC arriving after it liquidated its $LIBRA holdings for just 2,163 SOL ($430K). Adding to the intrigue, the wallet also received 650,000 LIBRA from the Libra team, but returned it quickly.
Dave Portnoy Costly Mistake
The incident has sparked widespread speculation, with @chooserich suggesting that Portnoy had prepared funds for the purchase but entered the market too late. According to reports, Portnoy allegedly requested compensation from Hayden Adams, the founder of Uniswap, for his loss and demanded the return of the $LIBRA tokens he originally received.
Comments on Lookonchain’s post reflect mixed reactions. @100jesusally001 claimed, “It is him. He said it himself in the video. Trying to acquit himself with excuses while his voice was quivering.” Meanwhile, @rennanbmusic1 questioned whether the move could weaken Solana’s ecosystem, while @JinBonk_OG advised investors to remain patient, emphasizing that meme coin volatility is part of a broader market cycle.
In a parallel development, Mt. Gox’s $2.19 billion Bitcoin transfer has also raised concerns about market liquidity and repayment strategies. According to Cybertecwiz, the movement of such a large amount of Bitcoin into an unlabelled wallet could signal potential sell-offs—a factor that might influence investor sentiment around risky bets like $LIBRA.
In another similar event, the SafeMoon project faced legal challenges and allegations of being a pump-and-dump scheme. Promoted by various celebrities, SafeMoon saw a rapid increase in value, followed by a sharp decline. In 2022, multiple class-action lawsuits accused the project’s leaders of misleading investors and misappropriating funds, leading to significant financial losses for those involved.
