Crypto Market Shock: $99 million vanishes from Libra token amid Argentina’s President Milei controversy—Was his endorsement the catalyst?
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Who 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 The withdrawn funds included the stablecoin USDC and the cryptocurrency Solana (SOL).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 million.
President Javier Milei’s role in the Libra token
President 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 Nansen.
Is 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
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