Javier Milei, the Argentinian president in the bailiff cut in the chopper, is still talked about. But this time, it is not for a shock reform, but for a resounding crypto affair. Its support for Libra digital currency has turned to financial disaster, destroying billions in a few hours. A golden argument for its opponents who dream of a dismissal. Late this fiasco, massive withdrawals and dubious financial engineering, transforming this project into one of the largest crypto scam in history.
Crypto scandal in Argentina: a splash robbery at 107 million
It would have been enough for three hours to Transform the crypto libra into a ruined field. Carried by Javier Milei, this new digital motto had ” Encourage the growth of the Argentine economy ».
In reality, she especially has encouraged a handful of initiates to fill your pockets.
According to Lookonchain, Eight crypto portfolios linked to the Libra team have siphoned the liquidity of the project, Pocketing $ 57.6 million in USDC and 49.7 million in Solana (soil).
Assessment: A market capitalization going from $ 4.56 billion to 257 million in eleven hours. A speed record in the category ” White collar scam ».
The indications of The deception were however visible from the start:
- 82 % of the tokens immediately reselling;
- a website tinkered in a few hours;
- A Google form to “ask for funding”.
But blinded by the FOMO (Fear of Missing Out), the investors plunged head down. The euphoria was brief. As soon as The first initiates began to sellthe cards castle collapsed.
Cz de Binance is sounding the alarm
Faced with the disaster, Changpeng Zhao (CZ), founder of Binance, spoke to remember Some basic rules ::
“” The economy of tokens counts! »»
A reminder that arrives a little late for those who saw their portfolio reduced to ashes.
In a post X, Cz listed Alert signals to be monitored before investing. Among them:
- Check the Tokenomics (which Libra has never revealed);
- Avoid projects where too many tokens are in the hands of a few actors;
- Beware of cryptos pushed by celebrities or politicians.
Libra's story strangely recalls other fiascoslike the same broccoli inspired by the CZ dog. Except that this time, the scam was well oiled.
Julian Pehfounder of the company KIP, had meticulously woven his links with Javier Milei since 2021. By integrating into BOENOS AIR Blockchain Committeehe won the president's confidence and sold his idea of a national token.
A Milei official tweet was enough to trigger the purchasing frenzy. In a few hours, Libra weighed 4 billion. But the initiates were waiting for their moment: 87 million cashed, tweet deleted, curtain.
The crypto universe in the storm
The Libra scandal has not only rolled up the finances of small investors, it also shaken the whole crypto universe. In three hours, This fiasco aspired $ 6 billion in market liquidity. Even the Trump Coin, launched in January by the former American president, suffered a brutal brake.
On X, The Kobeissi Letter sums up the case in a murderous punchline:
“” Javier Milei destroyed the market for the same. 4.4 billion erased in 5 hours. The biggest sweater in history? »»
During this time, Milei plays the conspiracy cardaccusing his political opponents of exploiting the case to harm him.
“” Dirty rats of the political caste “, He said in a raging message.
Thus, this fiasco goes beyond the simple crash of a same. He deeply tarnished the presidency of Milei, once celebrated by the Crypto community as “President Bitcoiner”. What to cool the ardor of investors and recall, once again, that cryptocurrency is a West West where even cowboys in a suit can be outlaws.
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