The Argentine president’s issuance of coins was actually a “scam” planned by Singaporean Chinese?

Author | Wu Shuo Blockchain

In the early morning of February 15, Beijing time, Argentine President MILEI, known for his liberalism, posted on his social media that he issued LIBRA tokens for state financing.

According to GMGN data, a wallet fund comes from KuCoin's user address: Gr3eiF…RtS4eb spent $900,000 to buy the token released by the Argentine president at an average price of $0.26945, and sold all of them at an average price of $2.9139, making a profit by holding the position for one hour $8.7 million is the address with the highest total profit at present.

However, LIBRA has continued to decline since reaching a high of $4.6 in less than one hour of launch, with the average buying price of Top100 holders at $1.6, and has now suffered huge losses.

According to EmberCN monitoring, insiders suspected of the Meme token LIBRA issued by the Argentine president have made at least 20.18 million profits through LIBRA. The address operation is as follows: in the few hours before the tweet was posted, USDC and SOL were proposed through CEXs such as Binance, Bybit, Kucoin, etc.; sniper buying was made in the first second of the tweet posted by the Argentine president; and LIBRA was pulled in the market All sold in batches after upgrading. At least 3 addresses have consistent operations.

At noon on February 15, Beijing time, Argentine President Mile tweeted: A few hours ago, I posted a tweet, like countless times, supporting a private entrepreneurial project that I obviously have no relationship. I didn't understand the details of the project at the time, and after getting to know it in depth, I decided not to continue promoting it (so I deleted that tweet).

According to LookOnChain monitoring, eight wallets associated with the LIBRA team received USD 57.6 million and 249,671 SOLs (approximately USD 49.7 million) by increasing liquidity, removing liquidity and charging fees, totaling approximately USD 107 million.

KIP Protocol tweeted to disclose that it is the team behind the Argentine president’s issuance of coins. The Viva la Libertad project aims to help private Argentina enterprises, and LIBRA tokens have also achieved some success. To address unnecessary issues, we want to clarify that this is a private enterprise project and President Mile was not involved in the development of the project, as he himself mentioned. This is a completely private enterprise project.

KIP Protocol's official Twitter account stated that it is supported by Animoca Ventures and is also the official AI partner of Animoca's Open Campus project. In 2024, KIP Protocol announced the completion of a $5 million private equity financing, led by Animoca Ventures and Tribe Capital, and other investors include GBV Capital, DWF Ventures, Morningstar Ventures, etc. Its official page shows that the team is mainly Chinese from the National University of Singapore.

CEO Julian Peh Bai Qihao's personal LinkedIn shows that he studied in Raffles Junior College in Singapore from 2000 to 2004 to receive a bachelor's degree in law from the National University of Singapore.

https://www.linkedin.com/in/julianpeh/?originalSubdomain=sg

Animoca Brands tweeted that Animoca Brands invested in KIP Protocol with many other investors in February 2024, but Animoca Brands, Animoca Ventures, and Open Campus did not understand and participate in the release and development of LIBRA tokens.

Chaofan Shou, co-founder of security company Fuzzland, tweeted that he and Solayer engineer tonykebot lost more than $2 million on LIBRA. The picture shows the list of core members of the team behind LIBRA, and wrote, "Let's look at two hackers." and what can a free weekend bring us”. KIP Protocol co-founder Julian responded to Chaofan Shou on social media that LIBRA is not a rug project, and the amount of support the project has obtained is enough to prove its legitimacy. "If this is a scam, we wouldn't have the startup support like this. Just because If you lose money, it doesn't mean it's a rug."

KIP Protocol Julian released a preliminary response to the LIBRA project, saying that the Viva la Libertad project aims to promote Argentina's economic development by providing funding for small projects and local businesses, and support those seeking to expand their causes and contribute to national development. The funds are still on-chain and no SOLs have been transferred. The KIP team is involved in the project, mainly responsible for managing the allocation of funds to Argentina companies, not tokens. The token is not pre-sale and all sales are conducted through a unilateral liquidity pool. The KIP team will develop a running plan for the Libertad project based on the original objectives and promise that no SOL will be used for purposes other than the project, that all funds will be accounted for transparently and more details will be provided later.

According to Lookonchain, user address: HJXRy9…hzQiaz spent 14,214 SOL (valued approximately US$2.85 million) to purchase 1.11 million LIBRA, and eventually sold all for 3,964 SOL (valued approximately US$781,000) and lost 2.07 million in 2 hours Dollar.

Sonic Labs (Fantom) co-founder Andre Cronje tweeted that in the past we would argue with each other because of issues such as a feature that does not affect assets is controlled by an external account or a contract is controlled by a multiple signature rather than a time lock. Now the presidents and sovereign states are dumping us in a comprehensive crime model. Encryption lasts forever. Regarding the question of whether to regret returning to the currency circle, AC responded: This is just the result of wider adoption, and the Meme coin craze does not conflict with my work. The person participating in Meme Coin is a group that does not care about DeFi or even blockchain at all. So Meme coins did not take any attention because the participants were not our user base. Therefore, I am happy to see it happen.

It is worth noting that this is not the first time Argentine President Mile has conducted a similar activity. In 2021, he posted information on Instagram about CoinX, a self-proclaimed high-return investment platform. In June this year, the Argentina National Securities Commission (CNV) issued a risk warning about CoinX to the public and banned the platform from operating. Currently, the victim has submitted materials to sue the Ponzi Scam Javier.

On February 16, KIP Protocol said that the token release and market making are entirely under the responsibility of KelsierVentures, and the representative is Hayden Davis, the initiator of the project. None of these wallets belong to KIP. All matters related to the release and tokens should be forwarded to Kelsier as they are dealing with the matter and plan to hand over the tokens to the Foundation. All SOLs obtained today will be reinjected into the LP. All market making fees will be transferred to a foundation in Argentina. The foundation will continue to run the plan as originally planned.

Kelsier issued a statement saying that Argentine President Javier Milei initially supported and actively promoted Libra tokens, including X and Instagram, on social media platforms. His colleagues received his public support at the time of release and assured me that he would continue to receive support throughout the release. Despite previous commitments, Milei and his team unexpectedly changed their stance, withdrawing their support and removing all previous social media support. After consulting with the experts, I recommend reinvesting the 100% of the funds I control (up to $100 million) into the Libra token and destroying all purchased supplies. Unless a more viable alternative is proposed, I intend to start implementing the plan within the next 48 hours.