Argentina's president "harvested" hundreds of millions of dollars, why can't you make money from LIBRA?

Author: shu

The Golden Dog Law at 7 o'clock in the morning has come into effect again, but this is the first time someone is glad that he has not woken up.

The reason is that the Argentine "Bitcoin" president, who is well-known in the currency circle, is a meme coin called LIBRA. Although it is not Trump's token of the same name like TRUMP, he has always been looking forward to a president who creates wealth like TRUMP. When it comes to issuing coins, LIBRA is still marked as equal to Trump’s issuing coins.

But despite the same Saturday morning, LIBRA did not share the same fate as TRUMP. One by one, one large loss-making wallet was revealed, and even Solayer founders Chaofan Shou and Solayer engineers lost more than $2 million on LIBRA, and also wrote, "Let's see how two hackers and a free weekend can give What do we bring?”

Why do all the elements have been found, but the President, Moonshot, Dachizi, and LIBRA have such a script? Why can’t we make money from LIBRA?

Presidential platform, team harvest

It can be said that Milei's tweeting platform with LIBRA's CA and official website links is the main reason for LIBRA's market value to soar. Like Trump, he shouted slogans and his market value surged to $4 billion after confirming that he had not been stolen.

Milei tweeted, "This private project will be committed to promoting the growth of Argentina's economy by providing financial support for small businesses and entrepreneurial projects in Argentina."

But the style of painting gradually became wrong. Less than two hours after LIBRA issued coins, and the market value just exceeded US$4.4 billion, LIBRA began to smash the market in large quantities. At first, the group members thought it was a profit-taking order, but the plunge continued, and then they realized it was a group of people. The address begins to withdraw the pool.

At 9 a.m., according to Bubblemaps analysis, the LIBRA coin issuing team has made more than 87 million US dollars through the mining of pools at multiple addresses.

As of 12 noon, according to Lookonchain monitoring, eight wallets related to the LIBRA team received 57.6 million USDC and 249,671 SOLs (approximately US$49.7 million) by increasing liquidity, removing liquidity and claiming fees, totaling cash out. About $107 million.

But despite this, some traders are analyzing the possibility of LIBRA, saying that no one came out to refute the rumors, and there may be a positive effect on raising the price of the currency.

The president has turned the blame, the team reveals itself

But it all went down on Milei's next tweet.

The president said he supported a so-called private startup project, but had no connection to it. "I didn't know the details of the project, and after understanding it, I decided not to continue spreading the relevant information (and therefore deleted the tweets)."

In the strong atmosphere of Valentine's Day, Milei performed a gritty scumbag performance. At this time, LIBRA's market value had fallen to US$450 million. As soon as the tweet was released, LIBRA's market value plummeted to US$200 million.

What's even more outrageous is that some projects actually came out to claim LIBRA's issuance of coins. The official website of the Viva la Libertad project shows that the project is a private independent project developed by KIP Protocol.

As LIBRA returns to zero, Web3 AI basic layer KIP Protocol issued a statement saying that it has launched the "Viva la Libertad" project, aiming to help private enterprises in Argentina. LIBRA's success is due to everyone's trust and support. It also added that President Milei has not been involved in the development of the project in the past and present, and Viva la Libertad is a private project independently developed by KIP Protocol.

The first one on the left is KIP, the first one on the right is President Milei, the photo was posted in October 2024

Subsequently, Julian said that the funds for the Viva la Libertad project were still on-chain and no SOLs were transferred. The KIP team was involved in the project, mainly responsible for managing the allocation of funds to Argentina companies, not tokens.

What lessons are there?

A tweet pointed out that LIBRA is a scam that was carefully created to harvest IQ150 group members. The main reason is that with TRUMP in the front and Moonshot in the later experience, some people did not carefully consider the full information of LIBRA and the FOMO emotions. Cause losses.

For example, at 6:30 a.m., analysis agency Bubblemaps said 82% of the total LIBRA was held centrally at one address and that token economics was not disclosed.

There is also LIBRA's coining function that can be frozen, liquidity pools are not destroyed and there are high-cost liquidity pools, and suspicious sources of funding.

In addition, the project official website uses Webflow to create and display the Gmail address, and failed to find official information related to "KIP NETWORK INC", indicating that it has insufficient actual correlation with the issuance of tokens or related businesses. Although the website is in English, considering the project background, it should be in Spanish, and the domain name is also purchased on the same day, so the credibility of the project should be questioned.

Smart people learned to check whether LIBRA has entered Moonshot from TRUMP. They found that after finding the contract, it was the reason why many smart money dared to hold heavy positions. But what you can find through the contract is not really Moonshot. A few days ago, Moonshot modified the application rules. You can register the project at Moonshot, and you can search through the contract address. Only by manually searching the token name in Moonshot, if it is displayed, it is true. Go to Moonshot.

Also, sometimes making money is a job of luck. Some people don’t like to sleep in, so they catch TRUMP, and some people like to sleep in, so they avoid LIBRA.

2025.1.18, TRUMP has issued coins, you have made freedom, relatives and friends have heard about it, and they blame you for not notifying you to make money together as soon as possible. You said, please send a small group to inform you of the president next time you send coins .

On February 15, 2025, the Argentine president issued coins, and you called your friends to notify your friends.

2025.2.15, you have no friends.

Although the joke is funny, the loss is really painful. I hope that the group members will call me next time and we will make money back!

Finally, we need to remind group members to beware of rights protection fraud after losing money.