In this news:
A major crypto scandal has unfolded in Argentina as around $99 million worth of cryptocurrency was withdrawn from the liquidity pool of the Libra token ($LIBRA), a digital asset that briefly surged in value after being promoted by President Javier Milei. Blockchain research firms Chainalysis and Nansen have traced these withdrawals to wallets linked to the token’s creator, raising serious withdrew $99 million from Libra token?According to blockchain analytics firm Chainalysis, eight crypto wallets withdrew approximately $99 million worth of assets from the liquidity pool of the Libra token. These wallets reportedly received tokens directly from the coin’s creator, suggesting close ties to the launch team. The withdrawn funds included the stablecoin USDC and the cryptocurrency Solana (SOL). Another firm, Nansen, confirmed that wallets tied to the Libra launch still hold about $87 Javier Milei’s role in the Libra tokenPresident Javier Milei endorsed the Libra token in a post on X (formerly Twitter) late Friday, but later deleted the post and denied any involvement. Despite his denial, a federal judge in Argentina is now investigating the token’s launch and Milei’s potential connections to it. The token initially soared above $4.50 after Milei’s promotion but crashed within hours, causing massive financial losses for many investors. From Sunday to Tuesday, 70% of wallets trading $LIBRA recorded losses, according to Libra token a ‘Rug Pull’ scam?The sudden rise and fall of the Libra token have led to speculation that it could be a ‘rug pull’—a common scam in the crypto world where developers hype a token, inflate its price, and then cash out, leaving investors with worthless assets. Hayden Davis, who identified himself as a “launch advisor” for the token, refuted these claims in an interview with crypto YouTuber Stephen Findeisen, also known as Coffeezilla. Davis insisted that the Libra crash was a plan gone miserably wrong, stating that he is the custodian of nearly $100 million in crypto funds and intends to reinvest did the Crypto market react to the Libra controversy?The fallout from the Libra token scandal has caused significant turmoil in Argentina’s crypto market. Investors have expressed outrage over the sudden losses, while blockchain experts continue to monitor the movements of the withdrawn funds. The crypto exchange Meteora, where the token was launched, has not responded to requests for comment. The scandal has also drawn global attention, with comparisons being made to other controversial meme coins that have crashed after rapid are politicians getting involved in Crypto?While meme coins have been a staple in the crypto industry, direct political involvement is rare. However, this is not the first instance—former U.S. President Donald Trump and his wife recently launched their own cryptocurrency, highlighting a growing trend of political figures engaging with digital assets. Milei’s involvement, whether direct or indirect, raises concerns about the risks associated with political figures endorsing financial instruments without ’s next for the Libra token investigation?With investigations underway, authorities are expected to scrutinize the role of President Milei and the creators of the Libra token. Chainalysis and Nansen continue to track the withdrawn funds, while investors await clarity on whether they will recover their losses. The case underscores the risks associated with investing in unregulated crypto tokens, especially those linked to high-profile :What is the Libra token controversy?The Libra token surged after Argentina’s President Milei’s promotion but crashed after $99 million was President Milei benefit from the Libra token?Milei denied any involvement, but a federal investigation is underway to determine his connection.
