Libra staged a hunting game: Nearly 30% of the big players took over at a high level, and more than 70,000 addresses were harvested

Author: Frank, PANews

In the cryptocurrency market, first entry is often regarded as a profit password, but the plunge of Libra tokens has tear open the cruel truth hidden behind this "speed game". On-chain data shows that more than 27% of large investors took over at a high of US$2.5 within half an hour of issuing coins, while the mysterious address made a profit of more than US$2 million through precise sniping. When the president's endorsement becomes a tool for harvesting, and insiders of the platform transform into "snatch hunters", this MEME currency carnival that carries inside insider trading and regulatory gaps is pushing retail investors into the abyss of systematic strangulation.

Nearly 30% of large investors took over at high levels, and early buyers

became the worst-hit area of ​​losses

PANews conducted an in-depth analysis of the addresses of the top 1,000 holdings as of February 17. Judging from the overall purchase cost, the average purchase cost of the top 1,000 large investors holding coin addresses is about US$1.01 for the first time. Among them, a large number of users have a cost of about US$2.5 for the first purchase, with a total of 254, accounting for about 27.7%. In other words, nearly 30% of large investors stood on the top of the mountain when they bought for the first time. The user with the lowest buying price is about US$0.15.

From a time perspective, these users who buy at the top of the mountain basically bought within half an hour of issuance, while most users who buy at low points only started to intervene the next day. According to past experience, the earlier you buy, the more likely you are to get low-priced chips. However, Libra's trend has broken the previous market rules. The earlier the user enters, the more severe the user is. This also reflects that the hype cycle of MEME coins seems to be getting shorter and shorter.

Judging from the scale of funds invested, Libra's victims seem to be mainly small and medium-sized retail investors, with the average fund size of first-time buyers at the top 1,000 addresses being $9,696. The scale of this investment was greatly different from the average initial purchase scale of TRUMP at that time of $590,000.

In terms of price range, Libra prices hit a maximum of US$4.56, and most major players have initial purchase prices above US$2.5, followed by the range of US$0.3 to US$0.4. There are almost no big players entering the market between $1 and $2.5. There may be several main reasons for this phenomenon. First, with the rapid collapse of prices, many early-stage large investors have already cleared their positions. Second, it can also be seen from the market that the price range of 1 to 2.5 US dollars stayed for a short time, and it lasted for less than 10 minutes during the previous surge. This range seemed to be occupied by many insider traders, and They have dispersed and cleared tokens. During the plunge, no big players seem to be willing to take over the market in this price range.

From the perspective of time distribution, most of the first purchases of large holdings are concentrated on the day of issuance on February 14. Although this group has gained the advantage of time, the ending of this battle to fight for speed is tragic.

TRUMP's high-profit address has appeared again, and the operation details

may point to insiders

Previously, when PANews analyzed TRUMP tokens, it found that the strongest snap-up address, 6QSc2CxSdkUQSXttkceR9yMuxMf36L75fS8624wJ9tXv (hereinafter referred to as 6QSc2). The address once spent $1.09 million tokens to be bought within one minute of the issuance of TRUMP tokens, with the maximum profit value of up to $477 million. From the analysis of operation time, amount of funds invested, and social media discussions, the address is most likely the address of Jupiter's insider.

During the release of Libra, the association of the address was once again involved. cGxeYN6F7T9aELwjLPeL3hnJNscGU7EHg5CEsP4B3Hz (goofyahh.sol) This address is the main address that participated in the rush to buy this time. This address has previously received 6QSc2's TRUMP tokens. At 22:02 on February 14, two minutes after Libra went online, goofyahh.sol once again spent $5.7 million to buy about 5 million Libra tokens. And they were sold all in one hour, with a total sold amount of approximately US$7.34 million. Profit of about $1.6 million. However, compared with the last time the TRUMP token finally made a profit of more than $20 million, the profit on Libra is obviously not much this time.

On February 17, Javier Milei forwarded the LIBRA token purchase tutorial on X. After LIBRA rose for a short period of time and broke through $0.7, it fell below $0.5 in one hour. During this process, the address invested $5 million again in a brief band operation, making a profit of about $500,000.

Through these two related wallet operations, there are several reasons why the wallet address is considered an insider. First, this address has sniped other tokens many times, such as HAWK, CHILLGUY, etc., and the operation methods are basically the same. Second, during the two purchases of presidential tokens, there has been significant changes in the normal transaction scale of the address. Previously, the daily purchase scale of the address was about hundreds of dollars. However, in these two token sniping, millions of funds were invested. Apart from being fully confident, there is no other reason to make the controller of the address abnormal. Third, the precise control of buying time is also worth noting. Both snipers were concentrated within the first 5 minutes after the token was issued, and funds were collected in advance.

Judging from the operation details on various chains, these sniper addresses are likely to be related to those who know the inside story in advance, and have formed a set of skilled operating methods. Discussions on social media believe that behind these addresses are Jupiter's insiders.

About 74,000 addresses suffered losses, and multiple stakeholders cleared

their responsibilities

However, since the initial trend of the tokens issued before was quite healthy, early holders can basically make profits, so not many people delve into these rat positions. In the issuance of Libra, there was obviously more complex forces involved, which led to the collapse of the token in a short period of time and countless holders of the currency suffered serious losses.

According to statistics from wassielawyer, about 74,000 addresses on Libra suffered losses, with a total loss of more than US$280 million. Among them, the loss amount for more than 70,000 addresses is less than US$10,000. Amid the outrage of the crowd, the investigation of the shady behind Libra has also become the hot topic of social media attention.

On February 17, LIBRA project consultant Hayden Davis admitted that the project team had conducted snipers when LIBRA started. Another market maker KIP Protocol, which is suspected to be involved in RUG, said it has not participated in token issuance and market maker.

With the criticism of the words, Ben, the head of Meteora, announced his resignation on February 18, but the public statement showed that the main reason for his resignation was to be inadvertent rather than to personally participate in the token RUG. Ben issued a statement saying, "The platform and individuals have never received or managed any tokens privately, nor have they participated in off-chain transactions, and all token releases are strictly confidential. Few people in Meteora have access to any posting information, usually only they know about posting. Time, and the token/pool address will be provided to me and a two-duty engineer (if any) only a few minutes before the actual release”, “For $LIBRA, there is no participation at all except for providing IT support The project, including commenting on liquidity curves and helping to verify the authenticity of the tokens after the token is launched publicly”.

The founder of Jupiter also published a long article on the matter and said that he would hire an independent third party (law firm Fenwick & West) to investigate and publish a report. However, social media is not buying it, and Colin Wu pointed out that the firm is the former main legal counsel for FTX. It is reported that Fenwick & West was also launched a class action lawsuit in 2023, accused of setting up a "shadow entity" to assist FTX in fraud.

Argentine President Javier Milei was also sued by lawyers for fraud. But Milei said he was innocent throughout the process and forwarded the LIBRA purchase tutorial in the early morning of February 18, causing LIBRA prices to fluctuate significantly. Milei also said in a TV interview today that he acted in goodwill but suffered a blow. "The country did not lose money, and Argentines lost at most four or five. The vast majority of investors are Chinese and Americans."

Since US President Trump issued tokens at the beginning of 2025, politicians from various countries seem to have found a new way to make money, namely, to harvest investors around the world by issuing MEME coins. According to the blogger Pump Superman statistics, 6 of the 11 celebrity tokens issued recently returned to zero, all of which fell by more than 70%, and most of them fell by more than 90%.

In fact, celebrity tokens never seem to be wealth codes. PANews previously proposed when analyzing TRUMP tokens that the maximum increase in TRUMP is not large, but the high market value seems to be exaggerated, while those who make more profits The main reason for the address is nothing more than the strong enough investment capital. For retail investors, there is almost no chance of winning by conspiracy or high manipulation behind this token. Milei also said that those involved are very aware of the risks they take - they are volatile traders, which is a private matter between individuals and they are all voluntary participation.