Several key events point to potential insider trading in the LIBRA scandal:
The aftermath and implications
A recent investigation by San Francisco-based analytics firm TRM Labs shed light on a scandal involving the launch of the LIBRA token in Argentina. The controversy began when an address received 1 million LIBRA tokens just 20 minutes before President Milei’s tweet. These tokens were then added to a Meteora liquidity pool and distributed to other addresses, leading to a sudden surge in activity.
Shortly after, Bubblemaps, an on-chain investigation firm, identified wallets linked to the LIBRA team withdrawing $87 million in SOL from the pool. This action caused a gradual crash in LIBRA’s price, sparking allegations of fraud against Milei and other key players in the scandal. Investors also accused KIP Protocol, CEO Julian Peh, Kelsier Ventures, CEO Hayden Davis, Mauricio Novelli, and Manuel Godoy of wrongdoing in the LIBRA affair.
In a surprising turn of events, Davis revealed to Barstool Sports founder Dave Portnoy that he was sitting on $100 million following LIBRA’s launch. However, he claimed that the money belonged to Argentina and that he had no intention of running off with it. This statement only added fuel to the fire of the ongoing controversy.
Further investigation revealed that the Solana-based platform Meteora, known for creating meme coins like TRUMP and MELANIA, was behind the creation of the LIBRA token. Following the collapse of LIBRA and emerging insider trading allegations, Meteora co-founder Ben Chow resigned from his position.
In response to the scandal, Solana-based exchange Jupiter stated in a tweet that the launch of LIBRA had been an “open secret” in meme coin circles. The exchange denied any involvement in insider trading or unethical practices, emphasizing that they take such claims very seriously.
According to a report by Nansen, only 14% of LIBRA investors turned a profit, collectively making $180 million from the token’s launch. On the flip side, 86% of investors ended up losing a staggering $251 million in total. Notably, two wallets that purchased and sold LIBRA tokens within a short timeframe managed to profit significantly, while Barstool Sports founder Dave Portnoy incurred losses but later received a partial refund.
The aftermath of the LIBRA scandal serves as a cautionary tale for investors in the volatile world of meme coins. It highlights the importance of due diligence and transparency in the crypto space to avoid falling victim to fraudulent schemes and insider trading practices. Advancements in Artificial Intelligence Technology
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