What is LIBRA? The Solana Meme Coin That Sparked a Political Scandal

Argentina’s journey to Cryptocurrency took a dramatic flip when President Javier Milei tweeted to assist Libra, one Solana-Based mostly meme coin. Inside a number of hours, Libra crashed almost 90%, inflicting accusations of fraud and to call to action for the accusation of Milei.

Beneath the exterior entities concerned within the launch of Libra had been Culier Ventures, led by CEO Hayden Davis; Hen protocol, led by CEO Julian Peh; And on Solana-based Meteora platform, which had beforehand facilitated launches for each the meme cash of Donald and Melania Trump.

After the collapse of Libra, the inventory market in Argentina fell by greater than 5% on the opening on 17 February 2025. This text will examine Libra and the scandal across the newest Muntcoin -Rage.

What’s Weegra?

The scales of scales, made by the Viva La Libertad Projectwas promoted as a financing instrument for small firms and progressive tasks of Argentina – an uncommon use case for a meme coin, that are normally powered by web phenomena, celebrities and humor.

“This non-public venture will likely be devoted to encouraging the expansion of the Argentinian financial system by financing small Argentinian firms and startups,” mentioned Milei in a publish -removed publish with the venture web site and contract tackle. Milei then denied that he has prior data of the scales venture.

Libra has a most inventory of 1 billion tokens. In line with the Libertad Undertaking web site, the distribution of Libra -token would break up 50% into the expansion of Argentina, 20% into treasury and 30% for liquidity.

On February 17, 2025, the token reached a file excessive of $ 0.75, in line with Coentecko info. On the time, the market capitalization of scales had reached $ 4.5 billion. Hours later it fell sharply, activating fraud investigation and accused calls towards Milei.

A brief timeline of occasions: the scales -topping scandal

On February 15, 2025, the President’s workplace gave a timeline of Early events Associated to the creation and launch of the Libra Meme Munt.

October 19, 2024 – First assembly with rooster protocol

• The President’s workplace reported That President Javier Milei met representatives of the rooster protocol in Argentina.
• The representatives knowledgeable Milei about their intention to develop a venture known as “Viva La Libertad” utilizing blockchain know-how to finance non-public firms in Argentina.

January 30, 2025 – Assembly with Hayden Mark Davis

• President Milei held a gathering in Casa Rosada with Hayden Mark Davis.
• In line with Hen Protocol representatives, Davis would supply the technological infrastructure for the venture.
• The President’s workplace clarified that Davis was not a earlier reference to the Argentinian authorities and was offered as a companion of Kip protocol.

February 17, 2025 – The rise and fall of scales

• Milei promotes scales: Argentina’s President Javier Milei introduced the launch of the Solana-based meme Coin Libra, who was promoted as a solution to finance small companies and startups.
• Pre-launch Insider exercise: In line with one report By way of TRM Labs, 20 minutes earlier than Milei’s announcement, an tackle acquired 1 million $ weighing scale and added to a Meteora Liquidity pool.
• All time excessive: Libra reaches $ 0.75, which provides it a market capitalization of $ 4.5 billion.
• Fast decline: The value crashed nearly 90percentwithin a number of hours, which activated accusations of fraud and a pump and dump scheme.
• Liquidity confidence: Wallets linked to the Libra staff raised $ 7.8 million in Sol, which contributed to the collapse of the worth.

February 18, 2025 – The Fallout begins

• The inventory market of Argentina fell greater than 5% on the opening in Buenos Aires, which contributed to monetary instability.
• Milei eliminated his perform to advertise Libra and denied prior data of the venture, since a decide was assigned to steer a probe in accusations of fraud.
• Traders accused rooster protocol and his CEO, Julian Peh, Cheosier Ventures and his CEO, Hayden Davis, Mauricio Novelli and Manuel Godoy of the Tech Discussion board Argentina of depressing habits within the scandal.

Allegations of prior data commerce

Specialists suspect that the scales -token has collapsed because of insider exercise. In line with the evaluation firm TRM Labs, 20 minutes earlier than the tweet of President Milei, one tackle was acquired, in line with the San Francisco 1 million Libute scales, she added to a Meteora Liquidity pool and unfold extra about different addresses that did the identical.

Shortly thereafter, on-chain analysis company Bubblemaps identified These portfolios that had been associated to the Libra staff had included $ 87 million in Sol from the Pole, in order that the worth of Libra was step by step crashed.

Along with accusations of fraud towards Milei, buyers accused Hen Protocol and its CEO, Julian Peh, Chessier Ventures and his CEO, Hayden Davis, Mauricio Novelli and Manuel Godoy of the Tech Discussion board Argentina of misconduct within the scales scandal.

On February 17, 2025, Davis advised Barstool Sports activities -founder Dave Portnoy that Davis “was at $ 100 million” after the launch of Libra – which fed the controversy. Davis claimed that he was not going to run away with the cash.

“It isn’t mine,” mentioned Davis. “It is from Argentina.”

That very same day, evaluation revealed on the chain that the Meteora-based platform identified to create the meme cash of Trump and Melania was additionally behind the scales of token. After the collapse of scales and rising accusations of prior data commerce, co-founder of Meteora Ben Chow resigned.

In a single tweet,, Solana-based Change Jupiter mentioned that the launch of Libra had been an “open secret” in Meme Coin circles. The alternate mentioned it was not proof of commerce with prior data or “sniping” by his personal staff members after an inside investigation, and added that the corporate takes claims from commerce with prior data “extraordinarily critical”.

“The Memecoin Launch Recreation is a grimy recreation with numerous ugly habits,” Jupiter wrote. “Nonetheless, we’ve nothing to cover.”

“We had been fully unaware of the transactions between the shoppers, on this case Milei and the market makers, and had been on no account concerned, type or type,” Jupiter added.

By one report By Nansen, solely 14% made Libra buyers revenue and collectively earned $ 180 million from the launch of the token, whereas 86% of those that invested in Libra misplaced $ 251 million.

Particularly, per particulars of Nansen, have two portfolios that purchased $ scale at 22:01 UTC and bought towards 22:44 UTC on 14 February collective $ 5.4 million, with one pockets, HyzGO2, with $ 5.1 million. Within the meantime, Barrstool Sports activities founder Dave Portnoy misplaced $ 6.3 million in investments in scales, however later $ 5 million was repaid.