Down in Argentina, the heat is on, and it’s not just the tango that’s got everyone’s attention.
The Chamber of Deputies has just greenlit an investigation into the LIBRA memecoin debacle, and President Javier Milei is right in the middle of it.
Pump and dump?
The LIBRA token was like a rocketship to the moon, thanks to a social media post from President Milei.
It shot up from basically nothing to $5.20 in under 40 minutes, reaching a market cap of $4 billion. Sounds like a dream, right? Wrong.
The creators, who held 70% of the tokens, dumped them, and the price plummeted by over 94%.
Traders are screaming pump-and-dump scheme, and Milei’s denying it, but the damage is done.
Consequences
Now, the Argentine Congress is stepping in, creating a special commission to get to the bottom of this mess.
They’re calling in big guns like Economy Minister Luis Caputo and Justice Minister Mariano Cúneo Libarona to testify.
But the real question is, will President Milei and his sister Karina be held accountable? Opposition lawmakers are pushing hard for them to face the music.
The numbers are painful. Blockchain analytics firm Nansen found that 86% of investors lost a total of $251 million, while a select few raked in over $180 million.
And let’s not forget the blockchain firm Bubblemaps, which linked the LIBRA creators to previous pump-and-dump schemes. It’s like a bad movie, but this time, it’s real life.
11/ This leaves us with one final question: who is behind these launches? KIP Protocol, Kelsier Ventures, Hayden Davis?
Tune into Coffezilla’s latest video to find outhttps://t.co/HXiZDNy0Rp
— Bubblemaps (@bubblemaps) February 17, 2025
Billions
As class action lawsuits start rolling in, the pressure is mounting.
“The people of Argentina have the right to know how this fraud was planned and carried out.”
The LIBRA scandal has already wiped out billions from the memecoin market, affecting platforms like Pump.fun.
It’s time for some answers, and Argentina is watching closely. Will President Milei come clean, or will this scandal leave a permanent stain on his administration?
Have you read it yet? XRP to the Moon, this time for real?
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