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The Daily Hodl 2025-02-16 15:30:34

Insiders Cash Out $107,000,000 in Crypto Before Memecoin Backed by Argentinian President Collapsed: Lookonchain

Insiders extracted over $100 million from crypto markets after Argentinian President Javier Milei backed the launch of a memecoin that was supposedly designed to support the growth of the country. In a now-deleted post , Milei announced the launch of LIBRA, a token designed for “encouraging the growth of the Argentine economy,” along with a Solana ( SOL ) contract address. LIBRA’s market cap went to $4 billion within hours before the price collapsed, and Milei backtracked his support of the coin. Says Milei in Spanish, “A few hours ago I posted a tweet, as I have so many other times, supporting a supposed private enterprise with which I obviously have no connection whatsoever. I was not aware of the details of the project and after having become aware of it I decided not to continue spreading the word (that is why I deleted the tweet). To the filthy rats of the political caste who want to take advantage of this situation to do harm, I want to say that every day they confirm how vile politicians are, and they increase our conviction to kick them in the a**.” According to blockchain tracking firm Lookonchain , the insiders behind the launch of LIBRA profited over $107 million in USDC and SOL from selling their supply of coins to the retail latecomers. “The LIBRA team has cashed out $107 million! Eight wallets related to the LIBRA team have obtained 57.6 million USDC and 249,671 SOL ($49.7 million) by adding liquidity, removing liquidity and claiming fees.” LIBRA is currently trading 92% down from its all-time high. Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox Check Price Action Follow us on X , Facebook and Telegram Surf The Daily Hodl Mix Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing. Generated Image: Midjourney The post Insiders Cash Out $107,000,000 in Crypto Before Memecoin Backed by Argentinian President Collapsed: Lookonchain appeared first on The Daily Hodl .

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