Libra Memecoin Investors Accuse Argentina President of Massive Rugpull
Accusations are flying against Argentina's President, Javier Milei, for allegedly masterminding a massive exit scam, known as a "rugpull," which has left Libra Memecoin investors with significant losses. The controversy surrounds the sudden withdrawal of liquidity by developers, rendering the token nearly worthless.
Libra Memecoin investors are accusing Argentina’s President, Javier Milei, of pioneering a massive exit scam known as a “rugpull,” which has left investors with huge losses. The controversy surrounds developers’ sudden withdrawal of liquidity, rendering the token nearly worthless.
Libra Sees Massive Dips
This accusation emerged as the project’s market capitalization skyrocketed to $4.5 billion, only to plummet over 90% to $257 million in just 11 hours. This led to investors losing a lot of millions after the token’s value drastically dropped.
President Milei initially backed this project but later claimed he had no knowledge of its details and withdrew his support. However, blockchain analysis revealed significant transactions from wallets linked to the project, sparking suspicions of insider trading.
The Libra Memecoin controversy draws from similar cases, such as the “Hawk Tuah” memecoin project, which faced a lawsuit after investors alleged a rugpull scam that wiped out 95% of the coin’s value.
Investors and crypto traders are expressing outrage and disappointment over the alleged rugpull scam.
Users share their losses and frustrations on social media, with some claiming to have lost millions of dollars. The hashtag #LIBRA is trending, with many calling for justice and demanding accountability.
Industry experts are sounding the alarm, warning about the risks of meme coins and potential market manipulation. Andre Cronje, co-founder of Sonic Labs, condemned the trend of presidents and countries dumping tokens, calling it “insane” and cautioning that the industry is descending into “crime mode.”
On the other hand, others are calling for greater regulatory oversight and investor protection in the crypto space. The incident has sparked a wider conversation about the need for transparency, accountability, and regulation in the cryptocurrency market.
Argentina President Faces Impeachment
Argentine President Javier Miley is accused of fraud owing to the collapse of the LIBRA token, which lost 95% of its value – the action was brought by lawyers and the former head of the Central Bank.
The Argentine opposition has threatened to remove the president from office for pushing a cryptocurrency hoax.
