Milei-Approved Libra Token Was Actually Known in Advance!

Yigit Taha OZTURK — Mon, 17 Feb 2025 10:30:27 +0000

The Libra (LIBRA) token, endorsed by Argentine President Javier Milei, was widely known among memecoin insiders up to two weeks before its dramatic rise and fall. Jupiter Exchange revealed that they were aware of the token’s existence long before it launched and saw public tweets from Milei confirming his involvement in the project.

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.

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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.

Fake Account Created in the Name of Bermuda’s Premier!

Yigit Taha OZTURK — Sun, 16 Feb 2025 14:00:07 +0000

Fraud cases in the crypto world continue to rise. Most recently, a fake X account was created in the name of Bermuda’s Premier David Burt, promoting a token called Bermuda National Coin. Users must stay vigilant against such schemes.

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.

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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.

The post Fake Account Created in the Name of Bermuda’s Premier! appeared first on Coin Engineer.