How Did the LIBRA Token Scandal Erupt?

Known for his enthusiasm for cryptocurrencies, Argentine President Javier Milei publicly announced his support for a new digital asset called Libra (LIBRA) a few months ago. His endorsement was well received by investors, and the token attracted massive attention upon launch.

However, the excitement quickly turned into chaos. Blockchain analysis revealed that eight insider wallets collectively withdrew $107 million in liquidity, leaving thousands of investors at a loss. Following this event, LIBRA’s market capitalization collapsed from $4 billion to near zero. The Argentine stock exchange also reacted sharply, with indices dropping by over 6%.

Adding fuel to the fire, rumors emerged that the rug pull had been known in crypto circles weeks in advance. Jupiter Exchange claimed on social media that the LIBRA token launch was an “open secret in memecoin communities,” further intensifying insider trading allegations.

From Market Crash to Investigation Shutdown: A Surprising Turn

In response to the growing public backlash, the Argentine government established a special investigative unit to probe the organization behind LIBRA and the potential misuse of insider information. However, on May 20, 2025, reports confirmed that President Javier Milei has officially dissolved the unit.

The decision, made through a presidential decree, sparked a new wave of distrust among both local and international investors. As the crypto market once again debates transparency and accountability, many analysts interpret Milei’s move as an attempt to suppress the scandal rather than resolve it.

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.

The post Argentine President Milei Shuts Down Unit Investigating $LIBRA Scandal appeared first on Coin Engineer.

Milei’s Approval Rating Drops After LIBRA Scandal

Polls show varying results regarding the President’s approval rating following the LIBRA scandal. According to a recent poll, 58% of Argentinians no longer trust Milei.

In a March poll by Zuban Córdoba, 57.6% of participants said they did not approve of him, while 36% still trusted him. Furthermore, Milei’s image and the national government’s approval rating have shown a significant decline in recent months.

The national government approval rating fell from 47.3% in November to 41.6% in March. Zuban Córdoba noted that negative assessments of the government have gradually increased, and this trend seems to be continuing.

President’s Approval Rating Drops After LIBRA Scandal: Mixed Poll Results

In another poll conducted by San Andrés University from March 11 to 20 with 1,020 participants, Milei’s approval rating was found to have dropped to 45%.

However, not all polls show the same picture. Data collected by Morning Consult from February 27 to March 5 indicates that Milei still has a 62.4% approval rating after the LIBRA scandal.

After the scandal, the President defended himself by claiming he did not promote the LIBRA token, but only spread it among the public. However, fraud lawsuits accuse him of promoting LIBRA.

The LIBRA token reached a market value of $4.6 billion after the President’s tweet on February 14, but experienced a 94% drop within hours.

Argentina’s opposition party has called for Milei’s resignation but has achieved limited success so far.

Milei’s Party Still Leading in Elections

Despite the negative results, the President’s party remains ahead in the upcoming elections. Debates have intensified as Argentina’s next elections are scheduled for October 26.

Despite the negative polling, his party, La Libertad Avanza, remains the most likely to win the highest share of votes, with 36.7% support, while Unión por la Patria is in second place with 32.5%.

However, only 43% of Argentinians believe Milei, a former economist, has adequately controlled inflation. Additionally, 63% of participants oppose Milei’s efforts to secure new loans from the International Monetary Fund.

Also, you can freely share your thoughts and comments about the topic in the comment section. Additionally, please follow us on our Telegram, YouTube and Twitter channels for the latest news and updates.

The post Polls Show 57% of the Public Does Not Trust President Milei appeared first on Coin Engineer.

Hayden Davies Launches Wolf Memecoin: The Result? A Total Disaster!

Hayden Davies, known as the creator of Libra (LIBRA) and Official Melania Meme (MELANIA) tokens, has returned with a new Solana-based memecoin called Wolf (WOLF). On March 8, Davies launched Wolf, aiming to benefit from rumors that Jordan Belfort, known as the Wolf of Wall Street, was launching his own token.

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

However, things didn’t go as planned. After its launch, Wolf reached a market cap of $42 million, but 82% of the token’s supply was controlled by a single entity. According to Bubblemaps, who shared data on March 15, this pointed to a pre-planned insider trading operation.

“The bubble map revealed WOLF had the same pattern as HOOD, another token launched by Hayden Davies. Was he behind this one too?” – Bubblemaps

Bubblemaps also reported that Davies transferred funds to 17 different addresses months before the token launches and routed them through two different blockchain networks.

Wolf Lost 99% of Its Value in Two Days!

According to Dexscreener data, Wolf’s market cap, which was $42.9 million as of March 8 at 04:00 UTC, dropped to just $570,000 within two days.

Davies’ move with Wolf came just weeks after the Libra token disaster. Back then, eight insider wallets withdrew $107 million in liquidity, causing a $4 billion market cap wipeout within hours.

Libra Scandal Turns Into a Political Crisis!

Argentine President Javier Milei was heavily criticized after endorsing the Libra token, which triggered impeachment threats. Argentine lawyer Gregorio Dalbon requested an Interpol Red Notice for Hayden Davies, claiming that if Davies remained free, he could escape the U.S. or go into hiding due to his access to large sums of money.

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.

The post New Memecoin Fiasco from Libra Creator: 99% Crashed! appeared first on Coin Engineer.

Memecoin Madness: LIBRA and Poor Launches Cooling Investor Interest

According to CoinGecko founder Bobby Ong, interest in memecoins appears to have cooled due to bad launches and rug pulls. In a March 6 report, Ong noted that metrics for the Pump.fun platform dropped by 90% following the Libra (LIBRA) rug pull. The launches of TRUMP and MELANIA marked the peak of this trend, as liquidity was drained from other cryptocurrencies.

At the time, Pump.fun reached an all-time high of $3.3 billion in weekly trading volume, but volumes fell by 63% from January to February. CoinMarketCap data shows that the total market cap of these coins dropped from $124 billion to $54 billion.

Ong stated that after Libra’s launch, insiders cashed out $107 million, wiping out 94% of the token’s value, which ended the memecoin craze.

Seasonal, But Survivors May Endure

Ong notes that while these coins are “always going to be seasonal,” some will continue to survive despite fluctuating market cycles.

In February, onchain analytics platform Santiment observed that interest in memecoins had waned, with attention shifting back to Bitcoin, Ether, and other layer-1 altcoins, signaling a healthier market cycle for crypto.

Ong speculates that the market may be heading toward an “extreme case of power law,” where 99.99% fail, and a few coins rise to the top and endure.

“Coins like DOGE, SHIB, and BONK have weathered market cycles and offer lessons for memecoin creators looking to build long-term assets,” Ong said.

“The most successful memes are those that have managed to build cult-like communities, passionately dedicated to a cause, who won’t sell and can create content or stories organically.”

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.

The post CoinGecko: Memecoin Frenzy Appears to Be Over, But They Will Return appeared first on Coin Engineer.

Solana Sees $485 Million Outflows as Investors Seek Safer Digital Assets

Solana experienced over $485 million in outflows last month, with investor capital predominantly flowing into Ethereum, Arbitrum, and BNB Chain. This shift reflects a growing search for safe-haven assets in the crypto market.

“The search for safe havens in the crypto markets has increased, with Bitcoin dominance rising 1% to 59.6%,” the report noted. Additionally, “Some of the capital flowed into BNB Chain memecoins, influenced by CZ’s tweets about his dog, Broccoli,” it added.

Beyond Solana, the total market capitalization dropped by 20% in February, reflecting increasing negative sentiment.

Memecoins and Bybit Hack Impact Investor Sentiment

Macroeconomic concerns and the $1.4 billion Bybit hack on February 21st have further dampened crypto investor sentiment. Disappointment in Solana-based memecoin launches also curtailed investor appetite, particularly following the launch of the Libra token endorsed by Argentine President Javier Milei.

The insider theft of over $107 million in liquidity led to a rug pull, causing a 94% price drop and wiping out $4 billion in investor capital.

Anastasija Plotnikova, CEO of blockchain regulatory firm Fideum, commented, “Memecoins have transformed from community-driven social experiments into a chaotic landscape where retail investors are exploited for value.” “Insider schemes, pump-and-dump plans, and sniper groups have altered the organic, collectible nature of original memecoins, creating an unhealthy playing field,” she added.

Stablecoins and RWAs Reach Record Highs Amid Market Uncertainty

Stablecoins and real-world assets (RWAs) have reached all-time highs as investor capital continues to flow into more predictable assets. Stablecoins surpassed $224 billion, while on-chain RWAs reached a cumulative high of $17.1 billion across 82,000 asset holders.

This capital rotation is attributed to macroeconomic factors, including increasing trade tensions and diminished expectations of interest rate cuts, which impacted the crypto market’s performance in February. In such an environment, investors may choose to hold stablecoins as an alternative.

P2P.org’s Chief Revenue Officer, Alexander Loktev, suggested that continued uncertainty in global risk assets like Bitcoin and cryptocurrencies could drive RWAs to $50 billion by 2025.

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.

The post Solana Faces $485 Million Outflow in February as Investors Shift to Safer Assets appeared first on Coin Engineer.