Argentine President Javier Milei, Solana -based LIBRA breast coin collapse after the collapse of the project put a distance between the project. Token, which has fallen from $ 4.5 billion to $ 200 million in just a few hours after the launch, caused major losses for investors.
Argentina President Javier Milei advertised for LIBRA breast coin
Recently introduced in Milei’s official X account, LIBRA rapidly led to concerns about the reliability of the economic promises of the tokens.
In the sharing during the day, LIBRA is a “special project ve and said that it will provide financing to small enterprises in order to revive the Argentine economy. However, the website opened for the project was recorded only a few hours before the launch, and investors were offered to apply for funds on a Google form.
Three hours after the launch, the On-Chain Analysis Platform Bublamaps revealed that few investors sold LIBRA worth 87.4 million dollars and 82 %of the token supply concentrated in a single group.
It was reported that large investors made profits by manipulating the liquidity pools in Meteora and individual investors suffered great damages.
In this process, Kip Protocol, who stated that it operates in the field of artificial intelligence without decentralization, was the only project that clearly stated that it was directly involved in the LIBRA incident.
Allegations are denied
Julian Peh, the founder of Kip Protocol, argued that no funds were sold by opposing the allegations that they were internal.
“The funds still stand in the chain and not even a single left will be moved, PEH said that they would continue to implement Project Libertad behind LIBRA, but did not share details.
On the other hand, according to Dexscreener data, LIBRA’s trading volume has exceeded $ 1.1 billion since the launch. After the great reactions, Milei deleted the promotional sharing claiming that he was not aware of the details.
This step back, especially Milei’nin Coinx World crypto scandal in 2022, led to more debate. Milei, who supported Coinx before becoming president, was later criticized for being linked to this company, which was under investigation due to fraud and misleading investment promises.
