Argentinian President Supporter, Javier Milei, turned Libra token into a hot topic in the crypto market, but its price quickly plummeted by 90% after insiders criticized $107 million. Interestingly, after insiders entered the market and cashed out $107 million, this token shifted from a trend to a scam. Libra was introduced as part of the Viva La Libertad project, aiming to stimulate the Argentine economy by providing financial support to small businesses and startups. Public support from Milei and inviting global investors boosted Libra’s price by 3000%, reaching an all-time high of $4.5. However, analysis revealed that insiders or whales control 82% of Libra’s supply. The Libra team also withdrew $87 million USDC and Solana from liquidity, causing a token price drop. Subsequently, insiders cashed out $107 million, resulting in heavy losses for other holders. Currently, Libra’s price has dropped by 90% to $0.2236, with a market value and trading volume of $221.3 million and $1.13 billion respectively. Following the controversy, Milei retracted his support and claimed ignorance of internal Libra details, blaming political opponents for sabotaging the project. This is not Milei’s first controversy; in 2021, he supported a scheme called CoinX, causing millions in losses for investors. Amidst this, Libra investors also lost millions. A trader spent $2.85 million to purchase 1.11 million Libra, but its value dropped to $781,000 within two hours. This incident has sparked serious discussions in the crypto community, with some stating a lack of trust in political leaders’ support. Previously, the CAR token of the Central African Republic also collapsed despite reaching a $1 billion market value. Although Milei has distanced himself from the Libra project, experts believe his support may violate Article 265 of Argentine Penal Code and be considered market manipulation and pump-and-dump scam. This could have legal consequences for Milei. Visit the digital currency prices page to view token and cryptocurrency prices live and in real-time.
