tl;dr
The LIBRA meme coin's rapid rise and subsequent collapse have raised suspicions of insider trading and pump-and-dump schemes. Blockchain analytics firm Bubblemaps uncovered evidence linking the creators of LIBRA and MELANIA tokens to these practices, with LIBRA alone yielding over $100 million in pr...
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The rapid rise and collapse of the LIBRA meme coin have sparked suspicions of rug pull and insider trading.
Blockchain analytics firm Bubblemaps released evidence linking LIBRA creators to insider trading and pump-and-dump schemes.
Jupiter crypto exchange denies direct involvement in LIBRA's launch and insider trading. Hayden Davis dismisses backlash, claiming meme coin trading favors insiders.
The Argentine government launches an inquiry into LIBRA's affiliation with KIP Protocol, which disputes alleged involvement in LIBRA and clarifies a meeting with the Argentine President.
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The LIBRA meme coin's rapid rise and subsequent collapse have raised suspicions of insider trading and pump-and-dump schemes.
Blockchain analytics firm Bubblemaps uncovered evidence linking the creators of LIBRA and MELANIA tokens to these practices, with LIBRA alone yielding over $100 million in profits.
Jupiter crypto exchange denied direct involvement in LIBRA's launch and insider trading but is open to reviewing credible reports.
Hayden Davis, LIBRA's founder, dismissed accusations of a scam, stating that meme coin trading inherently favors insiders.
Meanwhile, the Argentine government is investigating potential financial crimes associated with LIBRA, including ties to the KIP Protocol.
KIP Protocol has refuted its alleged involvement in LIBRA, claiming that a meeting with the Argentine president was focused on technology and investment opportunities, with no mention of LIBRA.
The rapid rise and collapse of the LIBRA meme coin have fueled suspicions of a rug pull, with blockchain data pointing to insider trading.
Before the meltdown, several industry experts had warned about LIBRA’s tokenomics and raised concerns over its sustainability.
Investigations now reveal ties between LIBRA’s creators and previous pump-and-dump schemes which suggests a pattern of exploitation.
BUBBLEMAPS DROPS BOMBSHELL
Blockchain analytics firm Bubblemaps has released new on-chain evidence linking the creators of the LIBRA and MELANIA tokens, revealing a pattern of insider trading and pump-and-dump schemes.
Their investigation found that an address, P5tb4, made $2.4 million from sniping MELANIA and transferred the profits to wallet 0xcEA, which is connected to MELANIA’s creator.
Further analysis showed that this same wallet funded DEfcyK, the creator of LIBRA, who reportedly cashed out $87 million.
Additionally, 0xcEA itself sniped LIBRA, generating $6 million in profit through multiple side addresses funded via the USDC Cross-Chain Transfer Protocol (CCTP).
The findings suggest a coordinated effort to launch and manipulate meme coins for massive insider gains, with LIBRA alone yielding over $100 million in profits.
Meanwhile, Jupiter crypto exchange clarified that the team was aware of a token project linked to Argentine President Javier Milei about two weeks before its release but had no direct involvement in its launch. They stated that they neither received any LIBRA tokens nor participated in insider trading despite the token’s launch being an “open secret in meme coin circles.” The exchange also dismissed allegations of pre-verifying the contract address, asserting that verification was done only after public confirmation and sufficient trading volume.
Jupiter defended its decision to list LIBRA on the Strict List, explaining that it was meant to protect users from purchasing fraudulent tokens. Jupiter has conducted an internal investigation and found no evidence of insider trading but remains open to reviewing credible reports.
HAYDEN DAVIS DISMISSES BACKLASH
Following the outrage, Hayden Davis, the founder of the controversial meme coin, claimed that complaints mainly come from investors who were not part of insider deals. In an interview with YouTube investigator Coffeezilla, Davis defended LIBRA’s collapse as a failure rather than a scam and went on to state that meme coin trading inherently favors insiders.
LIBRA initially surged after Milei promoted it on social media which pushed its market cap above $4 billion before it crashed. Amidst the political fallout for Milei, some lawmakers are now calling for his impeachment. The Argentine government has called on the Anti-Corruption Office to launch an inquiry into whether Milei or any