Argentina meme coin information has rocked the crypto market, and now Javier Milei would possibly face impeachment over LIBRA crypto. Will they ever be taught?
Marketed as a non-public initiative to assist small companies, LIBRA surged to a $4.5 billion market cap earlier than crashing to $200 million.
Milei posted about LIBRA on his official X account, claiming it was a non-government challenge designed to assist Argentina’s struggling economic system.
Nevertheless, skepticism arose instantly, with many questioning the legitimacy of the token. Inside hours, insiders cashed out $87.4 million, leaving retail buyers with important losses.
The nation’s fintech chamber prompt the LIBRA case could possibly be a “rug pull,” a scheme the place builders abandon a challenge after taking advantage of its preliminary gross sales.
(Supply)
Milei’s Promotion of Argentina Meme COin LIBRA Crypto Ends in Catastrophe
Milei’s sudden deletion of the submit and declare that he was “unaware of the small print” solely fueled additional controversy. His earlier involvement within the Coinx World crypto scandal in 2022, the place he endorsed a fraudulent funding agency, has intensified criticism.
Opposition lawmakers, together with Leandro Santoro, have referred to as for impeachment, citing worldwide embarrassment and monetary irresponsibility.
The LIBRA collapse had broader implications than simply Argentina. The sudden liquidity drain impacted the broader meme coin market, with over $6 billion erased in simply three hours, simply because the market gave the impression to be recovering.
The TRUMP coin additionally noticed a pointy decline of $500 million in market cap attributable to decreased liquidity – highlighting a possible new geopolitical battleground within the meme coin area.
Inside 3 hours of the launch, insiders in $LIBRA started cashing out.
In accordance with Bubblemaps, $87.4 MILLION was cashed out inside the first 3 hours.
Moreover, 82% of $LIBRA was held in a single cluster and no tokenomics had been shared with the general public.
Nevertheless it will get even worse. pic.twitter.com/3WnPf4Mhy2
— The Kobeissi Letter (@KobeissiLetter) February 15, 2025
On-chain information from Bubblemaps revealed that fewer than ten wallets managed 82% of the LIBRA provide, indicating clear manipulation.
Massive holders reportedly orchestrated liquidity pool actions on Meteora, extracting income whereas retail buyers suffered huge losses.
Meme Coin Market Fallout and Political Penalties For Arentina’s Professional-Crypto President Javier Milei
Regardless of the backlash, Julian Peh, founding father of Kip Protocol and an alleged key determine in Venture Libertad (the group behind LIBRA), claimed no funds had been offered. Peh insisted that the challenge was nonetheless ongoing however failed to offer particulars on how it could get better investor confidence.
This debacle underscores a rising drawback inside the cryptocurrency area: the reckless intersection of superstar attain and blockchain expertise.
When high-profile figures like Milei, Trump, and even Hawk Tuah Lady Hailey Welch connect their title to speculative tokens, it fuels a harmful cycle of hype-driven funding with out accountability.
LIBRA’s speedy rise and fall exemplify how opportunistic gamers leverage political credibility to fabricate short-lived market pumps, offloading the danger onto uninformed retail buyers.
Moreover, this occasion is a stark reminder that crypto stays a battleground for regulatory uncertainty. Argentina’s lack of clear authorized frameworks round digital property escalated this disaster unchecked.
As world regulators scramble to handle such abuses, the LIBRA meltdown might speed up crackdowns on unauthorized token promotions and set a precedent for holding public officers accountable for monetary endorsements – though overtures from the brand new head of the SEC crypto unit counsel Trump is within the clear for now.
In the meantime, on a chilly Weekend in Buenos Aires, and with mounting authorized and political stress, Milei’s credibility faces its greatest take a look at but.
Whether or not he can distance himself from this fiasco or face impeachment stays to be seen. Nonetheless, Argentina’s crypto market stays shaken for now, and buyers are left reeling from one more high-profile collapse.
EXPLORE: Crypto Developments For Bullrun – January 2025
Be a part of The 99Bitcoins Information Discord Right here For The Newest Market Updates
The submit Argentina President Faces Impeachment After Milei LIBRA Crypto Rip-off: Celebrities Simply Received’t Be taught appeared first on 99Bitcoins.
