Argentina’s president backed $LIBRA crypto, but after a huge pump and “rug pull,” many investors lost millions.
Argentina President Javier Milei created quite the storm when he posted his support for a new crypto token, $LIBRA. But things went horribly wrong when the token’s price pumped hundreds of percent in a few hours. Milei then deleted his tweet and disassociated himself with the project, stating that he was unaware of the project details when he first posted.
Meanwhile, the devs of $LIBRA made bank, reportedly earning over $107 million from its liquidity pool. Blockchain records show that 8 wallets belonging to the LIBRA project earned the most, making enormous sums by adding and removing liquidity. The funds involved millions of USDC and SOL.
But there was bad news too. All but a few of the investors were destroyed, and some lost millions. A crypto trader claimed that one person lost over $5 million by investing in LIBRA. This is referred to by some as the largest “rug pull” in cryptocurrency history, and over $4.4 billion was drained from the market.
And now the token has fallen again below $0.30, with retail investors suffering huge losses. Milei has flatly denied any involvement in the project, denouncing politicians attempting to capitalize on the scandal.
Also Read: Crypto Market Update (Feb 14, 2025): Bitcoin Stagnates, Telcoin Surges
