Key dealers
- Libra crashed 85% when developers liquidated $ 87 million in USDC and sun.
- 82% of the token’s supply is concentrated, which leads to centralization problems.
Libra token, promoted by Argentine President Javier Milei in his official X account, crashed 85% after its development team removed $ 87 million in USDC and sun from liquidity pools, according to data traced by the blockchain analysis company Bublemaps.
Tokenwhich reached a fully diluted valuation of $ 4.5 billion within a few hours after launch, the 100 best holders saw meeting average losses exceeding 56% from their first purchase price of $ 1.6.
$ Libra The team pays out
They already earned $ 87 million by removing USDC and sun from liquidity pools https://t.co/hrgnrptdie pic.twitter.com/aidmodki6o
– Bubblemaps (@bubburps) February 15, 2025
Analyst on the chain EMberCN reported As suspected insiders, about $ 20 million earned from the wave trade. At least three addresses conducted a similar trading pattern, including withdrawals before Tweet fund from CEX, immediate purchases after tweet and sales when the price climbed.
Data shows that 82% of the wave range is concentrated in connected addresses, which raises centralization problems. The project is linked to Kip Network Inc., developer of Kip Protocol Web3 framework for AI applications, supported by Animoca Ventures.
“Suppose this is a fraud, an account financed by a Nokyc exchange, usually these kinds of large launches are planned in advance and have multisigs and such,” said Conor Grogan, Coinbase’s product manager.
Token is said to be part of Viva La Libertad project, which aims to support Argentina’s economy by finance local companies and start -ups. The Kip protocol has been active in Argentina and joined the Buenos Aires City government’s blockchain committee and meeting with President Milei in October 2024.
The launch of Libra came after the Central African Republic (CAR) launched a $ Car -Memecoin as a national experiment to unite people and support national development, mentioned President Faustin-Archange Touadéra in his official X account last Sunday.
Following President Touadéra’s statement, the token blew over $ 1 billion in market cases but quickly crashed to less than $ 20 million, according to Geckoterminal data.
