The Solan-based Libra token, promoted by Argentina President Xavier Milli, fell within hours of its launch.
Fall wiped out $ 4.4 billion in market capitalization and affected the overall meme coin market.
The incident began with Miley’s social media post at ET at 5:01 pm, “promoting Argentina’s economy by funding small projects” with the aim of promoting a token “. The project website, created a few hours before the launch, included a Google Form for the funding application, but lacked detailed tokenomics or transparent ownership information.
On-chain analysis revealed the insider activity centered with 82% Libra tokens held in the same cluster. According to bubblemaps data, internal sources took out $ 87.4 million within the first three hours through strategic liquidity manipulation. The team used Metora’s unilateral liquidity pool instead of direct market sales, removed USD and Sol, while the token price exceeded 90%.
Detailed wallet analysis by amber CN Track Many coordinated trade:
- A address converted 1 million USDC into a profit of $ 8.58 million
- Turned another 1.1 million USDC to $ 6.45 million
- A third wallet converted 500,000 USDC to $ 5.15 million
Quick collapse affected the overall crypto market, even Trump’s meme coin experienced a sharp decline. Within two hours of the launch, more than 50,000 wallets acquired the Libra tokens, while the total market loss exceeded $ 6 billion during a three -hour recession.
Miley later removed himself from the project, removed his initial post and claimed that he was “not known about the details.” He depicted the incident as an attempt to “dirty mice of political caste”.
Later on-chain analyst Confirmed The Libra team had extracted a total part of a total of $ 107 million, with eight wallets 57.6 million USDC and 249,671 SOL ($ 49.7 million) through liquidity manipulation and duty claims. This phenomenon is one of the largest and fastest collapse in the coin history.
