LIBRA Assets Officially Frozen

Judge Giorgi’s order includes a “prohibición de innovación” — a legal measure preventing the transfer or alteration of digital assets connected to LIBRA. The freeze applies to Hayden Davis (U.S.), Orlando Mellino (Argentina), and Favio Rodriguez (Colombia), all allegedly involved in the movement of project funds. Prosecutor Eduardo Taino requested the measure based on reports from Argentina’s financial oversight agencies, which estimate that investors may have lost between $100 million and $120 million.

Judge Giorgi stated:

“This decision was made to prevent the suspects from transferring or concealing funds before the trial concludes.”

The ruling was also communicated to all crypto exchanges operating in Argentina, and the National Securities Commission (CNV) has begun freezing LIBRA-related accounts in coordination with the court.

A Scandal Sparked by a Selfie

The investigation began after President Javier Milei posted a selfie with Hayden Davis, referring to him as his “blockchain advisor.” Just 42 minutes after the post, a $507,500 transaction was made through Bitget Exchange.

Blockchain analytics firms TRM Labs and Chainalysis later linked this transfer to withdrawals from LIBRA liquidity pools across Bitget, Gate.io, and Circle. Reports suggest that around $90 million was funneled through consolidation wallets tied to the project. According to Reuters, “the on-chain behavior indicates that these addresses are connected to LIBRA’s internal operations.”

Argentina’s Crypto Community Shaken

The LIBRA incident is now being described as one of the largest crypto fraud cases in Argentina’s history. Experts warn that the association of political figures with crypto projects has severely damaged investor confidence.

Driven by President Milei’s social media influence, LIBRA gained rapid attention by exploiting meme culture — only to collapse within hours. The resulting hundreds of millions in losses have placed Argentina’s financial regulators on high alert.

Political Fallout Intensifies

Launched on the Solana network in February, LIBRA briefly surged after Milei’s post — before crashing almost immediately. Milei later deleted the post, claiming:

“I was not informed of the project’s details. Once I learned more, I chose not to continue supporting it.”

However, leaked messages have further fueled controversy. In one alleged exchange, Davis wrote, “I’m sending money to his sister — she’s doing everything I sign off on. Crazy.” These messages strengthened accusations that Milei’s name was exploited to attract investors.

A Turning Point in Argentina’s Crypto History

The LIBRA memecoin scandal highlights the dangers of unregulated markets and the risks posed when political figures intersect with crypto promotions. Judge Giorgi’s decision marks one of the first large-scale judicial interventions in Argentina’s digital asset space.

New developments in the case are expected to unfold in the coming weeks, as regulators, courts, and the crypto community grapple with the fallout of Argentina’s largest crypto fraud case to date.

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The post LIBRA Scandal Deepens in Argentina: Authorities Order Asset Freeze appeared first on Coin Engineer.

Libra Token’s Collapse and Huge Losses

The Libra token experienced a sharp collapse immediately after its launch. Insider investors cashed out $107 million in liquidity within just 3 hours, leading to a $4 billion market cap wipeout. Jupiter Exchange acknowledged being informed of the token’s impending launch by Milei’s personal tweets, but emphasized that they had no involvement in the insider activities that followed.

Insider Trading Investigation Underway

Milei has requested the Anti-Corruption Office to investigate potential misconduct by government members, including himself, after endorsing the Libra token, which turned into a $100 million rug pull. Political opponents have called for Milei’s impeachment following his support for the controversial token.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

Blockchain analysis firm Bubblemaps revealed that Libra token had flawed tokenomics, with 82% of the supply being unlocked and sellable from the beginning. This contributed to the token’s rapid collapse, as early investors quickly sold off their holdings, exacerbating the crash.

Meme Coin Investments and Growing Trends

The collapse of Libra token added fuel to the growing trend of celebrity-endorsed memecoin investments, such as Donald Trump’s TRUMP token and Melania Trump’s MELANIA token. However, these tokens have seen massive losses as well, with TRUMP down 76% and MELANIA down 90% from their all-time highs.

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The post Milei-Approved Libra Token Was Actually Known in Advance! appeared first on Coin Engineer.

The fake account carries a gray verification badge, which is reserved for government officials, and has only 45 posts. On the other hand, David Burt’s real account has a blue checkmark, 6,245 posts, and 12,200 followers.

Premier Burt Calls Out Elon Musk!

On February 14, David Burt discovered the fraudulent account, warned his followers, and reported the situation to Elon Musk and the X management. Burt expressed his frustration, stating, “People are getting scammed due to the lack of controls on this app. Please fix this.” However, despite the complaints, the fake account remains active.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

Political Figures Are Becoming Targets of Memecoin Scams

This incident closely resembles a recent case involving Argentine President Javier Milei. Milei endorsed a token project called Viva La Libertad in an X post. However, the token soon lost 95% of its value, leading to a $107 million scam allegation. Following the controversy, Milei deleted his post and denied any involvement in the project.

As fraudulent token projects linked to political figures continue to emerge, crypto investors must exercise extreme caution to avoid falling victim to these scams.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

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